merger details out, page-202

When nursery was trading EKA, ADI & AUT, he was trading companies that had interests in the same project and little else. AUT had interests in adjoining AMIs but nothing much was happening there at the time. I did a bit also and ended up with about 75k free ADI shares but nursery was the clear master of that game. It was very simply based on proportionate net acres and the ratio of shares in issue. The relative values moved within ranges.

However, whilst SEA and TXN may, through the 'merger' proposal, have a common interest in one project, both have other irons in the fire. So, it's a bit trickier. Also, TXN has put up a "for sale" sign and TXN management are in a stronger position to negotiate. We might even see SEA having to sharpen its pencil a bit - say 3:5.

I'll stick with TXN for the meanwhile. Any good news on the current drilling should provide some kind of boost to SEA but it has not yet secured the merger whilst there is a clear direct benefit to TXN.