This would be staggering to BPT's cash balance imo atm. A scrip offer for ADE is not the best option and may see our shareholder's resentment to BPT. Given there are already more than a billion shares on the register.
Looking at the presentation. BPT has one big expenditure coming up this 2012 with PEL218, ATP855, shale gas projects in Otway and Gippsland Basins, also pipeline costs in Cooper. So a takeover is not on the cards yet.
My gut feel is that BPT is being smart atm and looking for international partners with big pockets to participate in Cooper Basin or other projects. Eg. say if BPT sells say 305 of PEL218 to Sinopec for $200m. BPT will have all the funds they need.
Once BPT gets the funds from a international partner. I think ADE would be taken out.
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