I think all the buying in the last three weeks has been the hedge funds taking both an arbitrage and possible higher bid punt, with little downside risk.
The only real chance of a higher bid emerging will be due to success at Aigrette, Kilbaro or Nzizi-1, and possibly positive results from Kingfisher.
If the exploration/appraisal wells are dusters there would be virtually no chance of another bidder emerging, so another bidder has time on their side with results still to come.
HDR
hardman resources limited
