The only thing I can see holding up a farm in is the PPSA. We still don't know if that has been completed and if so, what % goes to govt and what goes to Geo Associates (us and One Gas). A farm in partner will want to know this before committing IMO.
The decision that Scott has is whether to farm out and collect the performance shares, or keep our full % and finance the drill. The farm out guarantees him the extra shares, but is that his primary concern considering he already has 70m+? Maybe keeping our 80% and forfeiting the performance shares will pay off bigger in the long run (I think it will). The other option would be as you say, go to shareholders and vary the performance share conditions.
Interesting either way. The only certainty is that we will have an announcement today. Pity it will only be the quarterly though!
IVZ Profit Taking, page-82
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