More M&A, page-3

BPT doesn't have the cash for acquisition's so this is quite a surprising move.
The company is going to have a very poor quarterly report as TAPIS is at multiyear lows.

They are avoiding a Capital Raising by delaying Capital spend but this can only go on for so long as it will soon start damaging production volumes.
The numbers I have crunched suggest that a merged BPT/DLS will need a TAPIS price of around $80 AUD to breakeven on cash and also maintain existing production levels.

DLS will have an ok quarterly report due to its hedging but next financial year most of that hedging will be gone and the merged company will be selling mainly at market prices.
With TAPIS currently at $47 AUD I just can't see how the company can avoid doing a large Capital raising within the next 2 years to cover ongoing Capex unless TAPIS increases by at least $25 AUD.

The only way they could acquire anything is to offer script and that will just dilute EPS even more.
They are much better off just letting someone else take them over.