coe takeover of sne puts bas in the spotlight

I thought I'd start a new thread to get all the facts in one post as clear as possible

So let's start with the facts

1. A few months ago BAS recieves a preliminary takeover approach see the announcement
http://www.bassoil.com.au/assets/187/files/Valuation%2030%20Jan%202012%20final%20version.pdf

2. In response to this the company commissions a research report by PetroVal which put the "Fair Market Value" at $13.7M to $32.4M which if you add the $2m cash is equivalent to 4c - 8.8c a share

3. Cooper has made a $31.5m takeover of Somerton Energy
http://www.somertonenergy.com.au/pdfs/announcements/2012/1100828.pd
Cooper have said the rationale behind the takeover was COEs desire to control the Otway Basin
"Proposed Merger With Somerton Energy
The proposed merger is consistent with Cooper’s strategy to grow its presence in the Otway Basin and, along with existing assets and corporate activity, to build a well-funded production and exploration company focused on shareholder return."

4. In the Otway Basin Somerton Energy is the dominant land holder and as far as I can see BAS are the only other land holder see tennement maps below

Ok so that's where the facts end next comes my speculation, BAS recieved a corporate approach from an unknown party. COE then made a bid for SNE stating it wants control of the Otway Basin.

So joining the dots is it wild speculation to assume it may have been COE sniffing around a few months back?
At the very least COEs takeover of SNE leaves BAS as the only other Otway Basin Shale Play with access to the Casterton Shale and BAS has a current Market Cap of $10m

All speculation on my part using facts and announcements to draw conclusions but surely others can see that there is a good chance it may have been COE sniffing around?
And at the very least COE taking over SNE does put BAS and its Otway Permits in the spotlight?