Tullow was up 3% to 360p last night on the back of increased oil...

Tullow was up 3% to 360p last night on the back of increased oil prices. Remember the HDR offer is also for 0.22289 TLW shares ($A2.022 at 360p) so if my calculations are correct, for every 1p increase in TLW's share price, the HDR offer increases by about A$0.0055 (half an aussie cent depending on the exchange rate). With a current floor price of A$2.02, buyers could be buying in on an each way bet - the expectation of a higher offer from another party and an increase in the TLW share price over the next 3 months.