osh, page-2

re: osh - takeover?? At present the market is not giving OSH's gas reserves any value. OSH won't want to attract a takeover until that changes - and it will need the pipeline or significant other gas commercialisation projects to get the go-ahead for that to change. It is cashed up which makes it attractive but you have to assume that its so that they can fund a gas development - so the expectation is that one of the projects will proceed. A go-ahead for the pipeline is the defence a cashed up OSH needs - because it will see a significant sp appreciation. I'm sure OSH management would be aware of that!!

H