Can CVN survive on its own?

Mention T/O or merger for CVN and a lot of people seem to get upset. But can CVN survive on its own? History would appear to suggest this could be very hard . As I posted a while ago in the last 45 years only one successful small oil/gas company has remained listed on the ASX and that is Woodside Burmah. Three things appear to happen with smaller companies, successful ones are taken out by bigger fish, others just run out of money or projects do not live up to expectations. In most cases the ASX appears to dislike and often undervalues smaller oil gas shares, but this certainly does not mean that larger companies (often Asian) are not keeping a close watch on them, hoping to pick up a bargain. The last interesting case was AWE and I remembering thinking at the time who could be interested, and then bang three came out of the woodwork. So are any bigger companies watching the progress CVN s making while the shares drift around 40cents,, you bet your bottom dollar they are. I do not know who or how these companies think or at what point of time they might show interest. IMO now might be a very good time to make a move, CVN is cashed up, STO has said that dorado most likely contains more than their total PNG holdings and CVN has lots of other goodies. A high 50's bid might get over the line. I base this on a sharp drop twice from the 60's level, two big issues to instos who would be glad to accept a 50% premium , a lot of people locked in at higher levels and a wide open register.