just a theory ..., page-23

I am thinking that perhaps the truth of "conservative/limited information" lies in Woodside's fear of its own long term future.

WPL owns 50% of the Mauritania acreage and that makes it a very valuable company if the region does have a lot of oil.

It is now very clear that several other oilers are interested in buying into Mauritania.... if no existing holder is prepared to share, the next best thing may be for a predator to swallow a whole slice. We are talking major oil companies who are looking for (and capable of acquiring) large stakes rather than smaller bite size pieces (such as HDR's %).

I do not believe that WPL would be as successful in getting government intervention into another takeover bid....the price is now substantially higher and shareholders would not be as anti this time. It would be very difficult/impossible for the company to argue "national interest" a second time!

Why wouldn't a potential takeover simply happen now instead of when more positive results are known?? ....big companies do not (except maybe Telstra.. haha) buy into risky/speculative ventures. They would prefer to pay more but know their purchase is viable and safe.

Woodside's lack of information may well be an attempt to frustrate potential predators to their own wellbeing.

If Shell are really looking at baling out of WPL (as has been speculated) then they will happily sell to another predator. If they are not looking at offloading, I bet they would have a very good chance of grabbing WPL if they again chose to have a go.

Tiof is starting to get a feel about it that it may be a lot larger than original thought/claimed...as has been said why would they continue to drill more and more wells?? If it is huge a lot of risk is taken out for a predator!!

As far as muzzling the JV partners, being the senior partner WPL is able to essentially control information output.

Just my thoughts...


dodds