Complex,I have lifted the item below from a poster on iii board...

Complex,

I have lifted the item below from a poster on iii board whom we should thank for their efforts

Eni’s announcement of an offer for
Burren suggests the industry is moving to higher oil
prices than the equity markets are currently discounting.
The deal may be just asset specific, however we think
that there is a risk that this may accelerate a “grab for
assets” by the IOCs and lead to another round of
consolidation among the UK E&Ps.....
Burren management
has indicated that it is holding out for an improved offer
from Eni or a competing bid. However, we believe the
market is already discounting this outcome and we see
limited upside from the closing price of 1180p/share......

With perceptions of rising oil prices and
increased M&A in the industry, we argue the share
prices for the E&Ps will trade towards our bull case
valuations. The bid by Eni brings the end game nearer
for Burren, in our view. However, we still see significant
upside for other names in the sector. Our top picks are
Tullow, Dana and Soco.

It is worth noting at this point that MS's "bull case" valuations are revealed later in their note as: 1031p for Tullow, 1707p for Dana and 3510p for SOCO......
......I could therefore "handle" the sort of outcome they suggest :-)

They expand further on this:
We have seen a number of deal approaches and transactions
over the last 12 months in the UK E&P sector. Tullow acquired
Hardman Resources; Premier received a failed bid approach at
the end of last year; and Dana recently acquired Devon
Energy’s assets in Egypt and Ener Petroleum in Norway. Cairn
also made cash offers for Plectrum and MedOil to expand its
Capricorn business. However, Eni’s approach for Burren
highlights that the larger E&P companies are also potential
targets themselves.
With an increased risk from M&A in the sector, we believe it is
highly likely that the E&Ps will trade towards our bull case
valuations.....
Historically, companies have made multiple offers in E&P bid
situations, and the market will wait to see what the next move
will be from Eni and the other companies that have also
recently approached Burren. Value is in the eye of the
beholder. With so many variables in the E&P valuation from oil
prices to discount rates and recovery factors, a willing bidder
with a strategic interest and a public bid can justify prices that at
the time appear full.
With an all cash offer from a credible buyer at 1050p, we see
this as an end game situation for Burren. The issue now is as
much about the determination of the bidder and the ability of
management to create an auction as it is about our
disconnected view on value. .... However, the
market should not expect the party to rage on and on. The last
competitive situation Eni found itself in was an approach for
Enterprise Oil. It walked away when Shell entered the race.
Burren is smaller, but we would not expect Eni to trump a
counter bid. We advise investors to hold out for one raised offer
or one credible counter bid. At the current price, we would not
buy shares in Burren as we believe exactly that situation is
already largely discounted......
The last time we saw a wave of consolidation in the UK E&P
sector was around 2000, when we saw a number of E&P
companies acquired including British-Borneo, Lasmo and
Enterprise Oil over a 2 year period.
At a glance there is a huge difference - the oil price was
recovering from the collapse to $10/bbl in 1998-99 and E&P
companies were recovering from perilous financial positions
with $80/bbl life is somewhat different. However, there is a key
similarity. Although prices were lower, as they recovered some
oil companies took a view on oil prices that was more optimistic
than the equity market. We think the same is happening today.
Capex programs and some corporate behaviour would suggest
that some of the integrateds believe in a higher oil price than
the market appears to be prepared to discount. Add to that a
fear that NOCs and or Middle Eastern or other emerging
market capital will look to the UK E&P sector for energy
investments and the case for being early to a round of
consolidation becomes compelling.
We believe Burren is entering an end game with a raised offer
or a single counter offer quite possible, but significant
appreciation above the current price unlikely. The bigger
question is whether this signals the start of a dash for assets
and a wave of consolidation as it has in the past or whether the
M&A we have seen in E&P is just asset specific.
Precedent in this sector, high oil prices and new competitors on
the block makes the former a real possibility, In that
environment we think the other E&Ps are likely to trade towards
our bull cases with expanding premia to core values. At the
very least the skew of risk has just changed substantially. Our
top picks are Tullow, Dana and Soco.

Not for the first time, I think they're spot on with their thoughts here.

We won't have too long to wait to find out if they are right, IMO.