Wait for outcome of Santos auction of its Cooper basin assets....

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!