Shell Petrochina (SP) paid roughly 60 - 70 cents per GJ 3P for Arrow. That was a while ago though.
This may provide some insight to SP's threshold after allowing for their assessment of the quality of BOW's tenements and stage of field knowledge & development.
SP initiated it's courtship of Arrow through a partial buy-in of Arrow's tenements. The question is, had SP previously made approaches to BOW for a similar deal and been re-buffed?
In light of the current state of global economic circumstances and even if you apply a conservative view of BOW's turf, a price indicative of 30 cents per GJ based on current 3P looks a modest price.
Hoping for some competitive tension.
BOW Price at posting:
$1.55 Sentiment: Buy Disclosure: Held
