reject any offer under $1, page-37

I think they'll raise to 60c. If they bid 60c prior the the end of the year, many of us may have a tax problem. At 60c, it represents a 10 bagger from recent lows. A good return if those gains could be held for 12 months and the CGT was calculated at half. But this is unlikely to be the case and the tax will wipe out so much of this gain. Free gift to the ATO thanks to AWE.

Yes, a 60c bid would also be good for anybody trading it now in the low 40cs, but it completely screws long term holders IMO - who wanted this exposure to 250+ wells on a long term basis without trading and realising tax.

Anybody care to speculate on the coming drilling environment in the shale courtesy of the recent intervention by Obmama? I think there's going to be an explosion of interest with onshore US drilling in the coming months as the size of the disaster in the coastal and offshore areas becomes more apparent. Offshore US drilling is forever marked as a potential disaster area waiting to happen, and the risk premium has risen substaintially for investment, while this onshore program is derisked almost weekly with new information and IPs to match.