txn & sea in pre open, page-10

Ok... now its getting fun.

Known facts
1) SEA sold $175m of US oil fields in Aug and intend to use the Capital Gains Provision deferal of section 1031 = they are going to roll $105m odd into a new field by lat Feb 2013

2) TXN mgmt discussed a demerger at the last EGM.

My thoughts:

a) TXN splits into TXN1 and TXN2 by leaving the EFS + the finance facilty in 1 and transfering all the new stuff into 2

b) SEA pays the cash ... plus some script??? for TXN1 which is returned to shareholders.

Pure speculation:
Cash component would = $105m/258m shares (fully diluted) = $0.40/share + x SEA shares? + 1:1 shares in TXN2