roc to acquire ael nc, page-8

In oil, bigger is better in that higher market capitalisations mean better liquidity which brings it in to more broker research and on more institutional investor radar screens. This reduces the mean soverign risk on ROC.
In the short run the buyers shareprice often goes down for a while while the target's price goes up. This is a merger, so no speculation on other offers.
The Anzon cash flow will be able to benefit from ROC's pool of exploration writeoffs to shelter from tax on the high short term earnings from Bass Strait oil, but all happening so quickly not sure how much Anzon alredy has of its own but it looks like it has had rare luck and may have a tax problem. Very few junior oilers are cash flow positive and profitable from their very first year of operation. Its the first this punter has ever seen anyway.
Just a few thoughts.