I think it would be a great proposal, would much rather see the GGX guys controlling OIP than the old board. GGX has great assets, immediate short term prospects as it is about to go into its wells in the Philipinnes that have hydrocarbon shows. I has assets in France in a proven basin, Acquitaine basin, which is equivalent to our Cooper basin for prospectivity. The GGX board has been active, preparing to drill and acquiring assets, the old OIP board did none of that.
Any transaction will require the support of the major shareholders, Ingals and ESG and I am sure it would not have been proposed unless these shareholders supported the proposal.
Ergo, if Ingals and ESG think it makes sense to them, it makes sense to me.
I am all in favour of the conceptual proposal.
OIP Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held