coe takeover of sne puts bas in the spotlight, page-2

Hi Strauss

As others have stated, probably not the Gippsland permits generating interest since MOG etc didn't report any corporate approaches.

Some posters keep referring to the preliminary approach as a takeover offer which is misleading.
I think any approach would have been for a particular permit/s, not the whole company.

So that leaves PEP150 and 167 onshore permits.

BAS only hold 15% of PEP150 and even that is still subject to native title approval. BPT is the operator. I suppose BPT etc could have offered BAS something for their 15% but I suspect it wouldn't be much.

PEP167, now held 100% by BAS seems the most likely candidate. I wouldn't get too excited though.
Perhaps a prospective farminee could offer BAS free carry on new seismic and an optional well in return for 50%. Maybe generate a drill ready prospect in another 12 months and source a rig some time after that.
It took BAS 4 years to drill Windermere....

On a cynical note, BAS could've made a big deal of the preliminary approach to boost the sp a bit. BAS Board members from Adelaide Equities would like to see their losses pared I'm sure.
There's also the point Iona raised where the company (Petroval) that produced the so called Independent Report has a BAS director on their staff.