What else can he say - we are so indebted we are not only...

What else can he say - we are so indebted we are not only diluting you to buggery but also selling assets at a steep discount at the bottom of the cycle . The assets may not be sold at a Firesale price but they will be sold cheaply based on today's energy price reality. The seller also has to meet the buyer- and the buyers simply are not going to pay high prices as they have a choice of assets, are limited in cash and cash flow to the degree where they are Cutting back on their own exploration by large extents. The only possibility is if these assets are producing and revenue is secured with a gas agreement back to org then the acquirer(s) may be able to borrow

The interesting part MS values ORGs 20m mainly gas BoE at 330 m - what is Drillsearch 26m BoE half oil worth ... Not 220. That is for sure