m & a in shale

Petronas (Malaysia's state owne oil coy) has made an offer for Progress Energy at a 77% premium. Progress Energy owns fields in the Montney shale-gas area of Britih Columbia.

Now, its a fairly long bow BUT it does highlight that the sleeping giants are wakening and showing significant interest in shale around the globe.

Other Aussie shale coys have rallied on this (and Europe) news except the Canning stocks - a little intriguing

I have also been digging around on the recent selling. To my surprise it is not short sellers. The amount the market is short BRU is still just under 10m shares (poor bastads!!). There has been one hedge fund that has held for a long time, they are the only likely sellers. I wish Eric would release a top 20 so we can find out what the register looks like.........I think it would be fairly good quality with a number of long only insto's.

Does anyone know when Eric is going to commit to a third drill rig!?! We have the money and the position - let's ramp it up a bit I say!!