Cowboy, we're looking at something above $1.05 for 10 (or was it 20) trading days or more. Otherwise, the directors will be an unhappy lot because they wouldn't be eligible for 6M options. (However, there is a clause where they can get those options for 70 cents due to changing ownership.)
agentm, interesting thought that the price rise may be due to reserves upgrade. Possibly, but I doubt it. I think the only upgrade would be based on the Mosman well and EF #5 well, neither of which were spectacular, and the market tends to almost ignore reserves of many oilers (with a few exceptions).
I think the price rise this past week relates to speculation that TXN will soon announce the EF land sale. This might have originated from RBS broker advice (not insider knowledge from those doing the deal), but not necessarily from RBS. My guess is that the deal would be announced AFTER the 31 Aug meeting. As I mentioned earlier, my reading of the revised clauses is that there won't be an EF deal until early 2013. However, even I doubt that depressing possibility.
TXN Price at posting:
56.0¢ Sentiment: None Disclosure: Held
