takeover, page-14

subi1,
The Wandoo acquistion was good , it did give the things the market was looking for however after seeing an extensive drilling programme the success rate was disappointing. This is the nature of exporation.
ES was always saying that although Origin will not enter a bidding war for the Company, if a price was nominated then they would have a look at acquiring it. Surely , having Origin as a partner one would include them in any sale process as they would better understand the value of the assets.
The Wandoo acquistion and the blue sky in Canning suggests that the price being speculated of $1.58 is on the opportunistic side.
ES is a good salesman when he tells investors of the blue sky of our company in the exploration projects and says he is a conservative acquirer of assets.Let's hope his spin works on AWE in extracting a price that is a true representation of the value of our Company!!rather than continuing the disappointment for shareholders at a time when oil prices are usd100+...
AWE needs this acquisition as it has large amounts of cash ($200m+ and estimated at $300m+ by year end)and has dwindling reserves (although Tui reserves are likely to be upgraded soon - probably after the ARQ acquisition?). So they can certainly afford to pay a realistic price for ARQ.