"they offered us 17.50c a share, valuing the company at...

"they offered us 17.50c a share, valuing the company at $75,000,000. They would have at least paid $80 to $90 million for 50% of Mereenie. Why didn't they just double their offer, say 40.00c a share a be done with it?"

I agree, that may have been a cheaper way to go for MacB. But they didn't do that, so one must wonder why.

I suspect it because they would rather have CTP as its partner and the expertise of RC than buy out CTP and get left with a lot of disparate assets, which only RC ( in the short term) can control and point CTP in the right direction.

I also suspect that we may see MacB take a corner stone position and give CTP some money to do step out drilling on Mereenie.

Then when the company is greatly de-risked by way of Gas Contracts and seismic in the amadeus a substantial buy out price being offered.

Stand united.

CB