merger details out, page-115

Hotfire,

"Any news releases would be designed for a CR sting imo."

Maybe - but the other option is the sale of the M/R Olmos. They sold the Leighton Olmos for $12.4m pre tax in March this year.

there's a map on pg 2 of the announcement 7 March 2012 showing relative areas.

If they could get $20m (then pay 35% US capital gains tax = $13m net) for the M/R Olmos that would keep them going for another 6-12 months. Add that to the opening cash and a CR could be pushed out 1 to 2 years away.

Its a scenario that must of occured to John/Cliff