patto's report, page-6

NT - I think you are correct there. PC said last week they were continuing to test the wells - one big one - to help improve the IRR.

The patto report had some interesting sentences -
if we do the Lautrec patented read between the lines -
They admitted buyers were sniffing around. The buyers would like flow rate confirmation .
The one that surprised me was the ability to be fully funded until the end of the sales process. If you didn't know when a sale would be likely to finish how could you make such a statement.
The adjustment from buy to hold combined with the full funded statement suggests to me - their is a serious buyer around and the price offered is dependent on a sliding scale of flow rates. ie if no increase in flow rates the offer is closer to the current share price eg 60-80c as the recommendation is a hold not a sell. If flow rates are proven to certain levels then its a buy at previous target price.

Any pure specualtion on my part - but it is a slow day so in the absence of actual info thats all we are left with.