mid tiers cannot take over because shareholders in DCN will...

mid tiers cannot take over because shareholders in DCN will generally not accept their fully valued scrip, they will want cash

The cash needed will be just shy of $1billion ( recent M & A in Canada are being done at 50% + premiums to last trade) only the majors can fund that and they cannot justify that outlay because right now reserve life is to short

by the time the exploration success flows through to the reserve life, which it will, the US instos will be backing up the truck because their investment mandates often require a 10 year reserve and the price will rally over $4 heading to $5 if everything is sweet on the production ramp up