merger details out, page-18

I wouldnt say I am gutted with this proposal - pretty neutral to maybe slightly positive for me (as a holder of both). I had always hoped that TXN would keep a % in the EFS or would develop it themselves - so transferring it accross to a company/board that plan to do that will be okay.
I guess for holders the value now will come over time as it is drilled rather than a one off sale which should still provide a good return - maybe just not in the near term.
I know in a recent presentation SEA said that they wanted proved projects that they could increase the NPV through either by picking up drilling speed or looking at downspacing - so I think they will be pretty committed to realising the full value of the TXNs acreages - and with their cash they should have the capacity to do this.

I guess I feel much better with the EFS asset sitting with a good team like SEA who actually want it (and who have the cash to exploit it) rather than with the TXN directors who would rather be doing other things...