I think what they are saying is s640(1) is meant for insiders...

I think what they are saying is s640(1) is meant for insiders acquiring more than 20% and making a TO offer. In that case the insider might know more about the value than the outsiders and therefore an independent expert may be needed for transparency.

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BUT
as the company extract, has NOT RELEASED ANY information on drilling or ANYTHING for at LEAST 8 MONTHS,

we the share holders who paid for the drilling cannot know the full value of the company

and therefore cannot hold out or even suggest a fair and reasonable price for our stock/shares

in this situation a fair and reasonable thing to do, so that the directors appear to be fair, reasonable and helping the share holders, who pay their wages, would be to call for a independent expert's review of the company and then release the details to the market and share holders

IMO, I would think, then again I could or would be wrong, maybe