Whitepointer, you wrote:"(If AZA are so desperate to create...

Whitepointer, you wrote:

"(If AZA are so desperate to create value for shareholders they should:
(1)stick to the BMG field and develop in a organised manner (what they seem to be doing anyway))"

I fully agree with that. I also feel that the sooner that AZA will start producing and sell that gas, instead of just pumping it back into the ground for future use, the better it will be.
IMHO, the sp will immediately improve by mirroring the current gas sentiments around at the present time, and the majors which are hungry for gas and clean energy, continuously sniffing around for opportunities.

"((2)create and announce a dividend policy set at a percentage of there annual profit - with current P/E significantly less than 10 this would see an immediate rerating of their shareprice.)"

I again, agree fully with that.

"(If AZA are so keen to diversify why not consider some of the small cap oilers with a good storey eg KEY petroleum (Mcap $25m) with their undervalued gas and acreage assets in Africa.)"

I think it is a good idea to diversify but, I would think twice about Africa, at this stage.

"(Why tie up with ROC with there small fields, smaller P2 reserves, poor hedge position and in debt.
Hopefully the directors will make the right decisions but this is not always the way - quite often it is self interest that seems to motivate.)"

I would have to agree with you that we should not merge/sell with ROC. The market has spoken as soon as the announcement was made about the takeover/merger, and the sp has capitulated accordingly.
And, I do hope that the Directors will take full considerations of all this, before they make that final decision.

Buddy