Zia, you're spot on.Re-rating will probably take place once new...

Zia, you're spot on.

Re-rating will probably take place once new transaction multiples start to trickle into the market.

The elephant in the room is the consolidation of NXE and FCU assets under one roof. It will probably go many rounds and should make for a fascinating and profitable trade.

All other transactions that could involve DYL, BOE, VMY, BMN will be side-shows to that one. Having said that, PDN is probably in the box-seat to go shopping if they decide there is value elsewhere, and that would give the market some non-Athabasca M&A metrics to consider.

FSY is up big overnight, so it could be that JB/DYL is talking to them again.