Ann: Investor Roadshow Presentation, page-76

Wait for outcome of Santos auction of its Cooper basin assets. Four possible contenders right now. If BPT manages to receive money from its 20% holding in Santos led Joint Venture, BPT will have no difficulty funding a takeover of Drillsearch and buying back of Beach shares.
Meanwhile, oil price may move up which could support a higher valuation for Drillsearch shares.
It is Santos basically who has started M&A activity in the Cooper Basin. I doubt Drillsearch as a listed company will be around in 12 months time!