The newspapers have been commenting for months that Waitsia is a...

The newspapers have been commenting for months that Waitsia is a very significant discovery - indeed AWE I think say that it the biggest onshore discovery for decades. That's says to me it is a "prize".
BPT could do another Rights Issue, underwritten again by Seven, and maybe others - gee the ir SP is strong enough - if the acquisition makes good financial and strategic sense, then a R/I should be supported. If much of acquisition is funded by equity, then banks won't have a problem.
Re Seven and dilution, why couldn't Seven stump up cash in some form as part of a bid?
Why couldn' t BPT and Seven do a joint bid - that concept has been done before.
AWE say they are currently in negotiations for Gas sales contracts.
what about a cash bid from Seven??
that would solve BPT's problems re operating partners.
Seven has O&G itself when it bought Nexus.
Seven has "Cash balance of $172m and available undrawn borrowing facilities of $810m as at 30 June 2017"

anyway, we have not heard a peep out of Beach, given that it affects their J/V?

if the prize is significant enough, then those entities have the muscle to make it happen.
if it doesn't make sense then it won't happen.
But 80c won't buy it. Certainly not a MIN scrip bid at 80c.