arrow shell good for pes, page-2

I agree Scotney. Whilst AOE stake in PES could be viewed a a blocking stake, i think view it as a "launching pad".
If one looks at the AOE presentation AOE refers to 90,000 acres of CSM permits, and includes PES wholly owned acreage and PES farmin acreage, in the AOE map and AOE acreage calculations.
Why is AOE including PES owned acreage in AOE calculations?
AOE is only a shareholder in PES, just like every one else.
AOE has not yet earned the right to 50% of the two PES permits to which they hope to farm-in.
One would expect that it would make sense to combine the two companies at some stage.