Ann: New Standard secures Santos as PEL570 partner, page-27

Hi Spec

That is one point I fervently disagree with you on. BPT had their chance a long time ago and if they haven't done it by now they never will. Their SP is depressed as well, almost as much, so what will be their reasoning, that somehow they are being better run than DLS, or the current DLS SP is because DLS is being poorly run and needs better management which is often the reasoning for other takeovers. I hardly think so. Furthermore, BPT have some risky assets in Egypt and Tanzania.

If an offer were made would it be a complete cash offer, cash and script or just script. More importantly what would the actual or equivalent price be. Current price plus what premium or $1.50 $1.60 ???? The real question is can BPT afford it.

DLS is a class company with great management and good acreage - is it too far out of a reach to think that someone like STO or bigger cannot take us over - if someone was to make the attempt. The rider in all this is the unrealised value that DLS has locked up in its tenements.

So far DLS seem to be the only Co doing takeovers in the CB.

Cheers
BW

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