There is a whole lot of time before the meeting to approve the merger.
On the current timeline that happens in February. They do not say early or late just February. So that leaves plenty of time for things to happen.
We know we will have 2 wells coming on soon with an uplift in TXN production to well above 2K BOEPD. With initial IP's. These wells results should be published before the end of November or at latest mid December. Hopefully each well 1600 - 2000 BOEPD.
Even with exec's taking Xmas leave there will be plenty of time for other companies, if they are interested, to get their act together.
Acres at under $14K is ridiculous.
Other companies do not need to move before next year, but I suspect if other companies are interested we will know before the end of December. But not until the well results are out. Why take a gamble, let the acres be proved before moving.
An American company could put its foot on 14.9% of shares without FIRB approval and basically stop the scheme of arrangement dead then and be invited to a carve up. An Aussie company could move to 19.9% and be largely control a carve up.
As I see it TXN are cleaning up their structure. Have put the ‘for sale’ sign out, This time its an Auction not a private sale. Have accepted the first low ball bid and declared the assets for sale unconditionally. We are drilling wells to further derisk the acres. We will take anyone’s bid, cash or script. Bring it on….
Nothing may happen and we may end up with SEA script. Who knows?
I’m still hoping for a Xmas present.
Good Luck all and DYOR.
TXN Price at posting:
38.5¢ Sentiment: ST Buy Disclosure: Held
