merger details out, page-14

Sharejon,

Feeling somewhat 'gutted', I have not felt like reading through the 60 odd pages of the merger agreement, which the board summarised in only a skimpy fashion. Nevertheless, they have only 'sold' the EFS and deeper rights (including the Pearsall etc) on the acreage. That might make the valuation of the acreage a bit trickier to compare.

The board has strained, if not lost, shareholder loyalty so this remains open to a party pooper to march in with a better deal.

I am extremely disappointed that they have not clearly stated who is picking up the costs of the current drilling and there is only marketing blab for the demerged company, Talon, not even a hint of a proforma balance sheet or an explanation of how they propose to fund the 2013 drilling.

I'll hold to see what further information is released. But this disappointment after all the activity securing the directors' options leaves a foul taste in the mouth.