what % chance of merger going ahead?, page-56

Dolphin,

Whilst I agree to an extent on Aje (I don't think they will get more than $1.50 / bbl due to recent sales) but they may be able to pick up a similar asset for similar values.

However, on the duster scenario, the stock market around the world is littered with companies that are valued at close to cash due to 1 or 2 poor wells. The market as it stands is not liking risk on oil companies, you can also see that in the lack of a run up on most shares to drilling at this point in time.

In the event of a duster, TOT's assets in the merger will essentially be cash.