Regarding the Victorian stuff : I'm not sure how good they are ,...

Regarding the Victorian stuff :

I'm not sure how good they are , particularly if they are hooked up with Lakes Oil. Pretty good for burning shareholder cash and not much else if the Lakes Oil experience is anything to go by. Also , there has been significant resistance for coal seam gas exploration ( Bass Coast Shire ) , coal mining and even onshore oil exploration in the Gippsland area of late. Not my view , of course.

Takeover valuation :

The 'potential' versus the market value are two vastly different things. Shareholders have regularly been disappointed in takeovers when they have been bought out for market value plus a little bit rather than their ' potential ' value. E.g. AOE , ESG , BOW and a million other sad stories that can be found on Hot Copper . Even when resources have been proven , getting them to market over time requires a significant discount hence why shareholders can end up feeling ripped off.

I'd happily accept the 2 for 1 deal now. Apart from a nice profit , our interests would be looked after a far more professional , motivated and efficient management group. Additionally , if 218 and 855 were proved to be as expected , we all would make plenty out of BPT .

Cap raising :

Any chance that the sp is being pumped prior to a cap raising in order to make it more valuable ?

Gassed , do you know what our most recent cash position is/was and what our current annual cash burn is ? That may give us an idea of whether we're in line for a CR.