shell takes stake, page-4

I agree i dont think they will wait until any reserves are proved up. I think its just a waiting game for Arrow and Shell to see how low the share price goes before they make their move. However Pure is targeting to have 300PJ of 2P reserves proved by the end of this finanical year which isnt too far away. It is always hard to justify buying a company that has nothing certifified given the difficulties in placing a value on it and convincing shareholders to accept the offer because it provides them with value