Sludge , I don't reckon that Dart or Igas shareprice has been...

Sludge ,

I don't reckon that Dart or Igas shareprice has been much affected by the offer .

They are correlated to the market more than they are to each other .

All companies whose major exposure is to UK onshore have seen their shareprice drop over the last 6 months - Igas , Dart , AJL , Egdon , Alkane and Europa .

IMHO this is a reflection on the considerable political risk in UK/Europe and the impending Scottish independence referendum in September and UK General election in 2015 .

Igas are not offering cash , they are offering script . The UK shale asset base of Igas and Dart is very similar in many cases the same acreage . Igas have debt but they also have operational capability and revenue . The percentage of the final entity which Dart shareholders are being offered is slightly lower than I would like but not wildly out .

On the basis of the UK assets alone the merger/takeover makes sense but the big question is what happens to the NSW assets and the stated aim is to sell them off , the speculation being before there value increases and to NHC .

The ideal scenario in my mind would be for the takeover merger to go ahead but the NSW assets to be retained . After loosing the Indonesian csg don't want to lose any more global exposure .

The worst scenario would be for the Airth project to become untenable - which would likely lead to the offer being withdrawn/revised have no source of revenue in sight other than potentially compensation .