What does the mystery bidder want most? It's not cashflows and...

What does the mystery bidder want most? It's not cashflows and passive income.

This kind of investor wants the know how, the contacts, the reservoir data, the experience, so they can get some in-house competency in shale plays.

San Isidro is the operator and minority stakeholder, and they are well and truly at the negotiating table too.

There is less value to an oil business in taking out only AZZ (either the whole company or their Eagle Ford lease interest). Instead, the bidder looks like it's seeking to take over the leases and operate them. And, you'd imagine, perhaps poach some of the existing staff as well.

A financial raider would mount a different style of bid, and would probably have accumulated AZZ and then tried for a takeover on it.