Ann: June 2015 Quarterly Report Conference Call, page-30

So basically, IMHO, the longer BPT waits to merger with DLS, the better the outcome will be for DLS holders.
Why... simply because we have the growth assets, especially with wet gas and conventional oil.

Anyway, this article pretty much paints the picture of what is occurring right now.

Macquarie Group joins the Beach party


Macquarie Group joins the Beach party

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Beach CEO Rob Cole would likely head up the merged entity. David Mariuz

• by
• Sarah Thompson
• Anthony Macdonald
• Jake Mitchell

Beach Energy has further bolstered its advisory team for impending corporate activity in the Cooper Basin, hiring Macquarie Group alongside existing advisor Flagstaff Partners.
While Beach boss Rob Cole delivered his 2015-16 guidance to investors and analysts on Wednesday with no mention of Seven Group's 19.9 per cent stake on the register, many in the market are still betting on some consolidation playing out in the not too distant future. Beach has joint holdings in several core permits with Drillsearch, where the Kerry Stokes-controlled Seven also has a 19.9 per cent holding.
Fund manager sources say a scrip-based merger has been discussed between the parties, but a deal is not thought to be imminent.
Yet, as already reported in Street Talk, Drillsearch has drafted in Goldman Sachs and UBS in its corner, and the addition of another adviser on Beach's team would seem to signal something serious is afoot.

Seven, which has openly declared its keenness to build up its energy interests, has indicated it is not pushing for consolidation in the Cooper. But it is understood to see strong logic in just such a play and has positioned itself to have a seat at the table and provide support should a deal go ahead.
Commercially-minded Cole, the former second-in-command at Woodside Petroleum, is envisaged as the MD of the merged entity that would eventuate. Drillsearch is in any case without a CEO at the moment, with the departure of Brad Lingo earlier this month opening a potential opportunity for various strategic options to be considered.
Meanwhile, BG Group's plans for its 7.8 per cent stake in Drillsearch have also been open to conjecture given the pullback in the pair's spending on unconventional exploration in the Cooper, while Beach itself already owns about 5 per cent of Drillsearch stock.