Stx holds the whip hand here. If the wanted to play hardball they could bring forward drilling campaign putting us under real pressure to come up with dollars. Not easy now to raise. Stx might lob an opportunistic scrip bid ex Spain assets providing WGO sholders with an opportunity to maintain exposure to PB and not triggering CGT because of rollover relief afforded by ATO. Of course, we all want a generous cash bid but it may not happen. Ox.