I haven't made any categorical observations and don't claim to...

I haven't made any categorical observations and don't claim to be any sort of expertise, in fact I sold out partly because I really don't understand the industry and I particularly don't understand the intricacies of the Cooper, specifically when it comes to placing values on oil and gas discoveries and to gas pricing, given the hefty tariffs the pipeline owners impose on the system. With metals like gold, the variables are less complex and you are not at the mercy of large third party interests that sit between your product and the market for your product (the equivalent in the gold industry is the refiner, who transforms the gold into a more easily saleable product, however refining charges in the gold industry are miniscule compared to tariffs charged on the distribution of oil and gas). DLS and its partner have recently made a number of new apparently substantial gas discoveries that didn't seem to have had any effect on the SP. Why is this? What is the point of investing in a company when its success is met with appropriate rewards?

The best time for DLS to be entering a deal is not now. Mergers even during boom times are very difficult, you've only got to look at how long the BHP/RIO iron ore asset tie up talks lasted. Mergers in supressed market environments will be even harder. DLS will only win in a take over situation, where the board can argue for a higher price by pointing to the long run value of its assets, IMO. A merger will probably get bogged down on the valuation front as each party will be talking up its asset base and the resulting valuations will diverge from the reality of each companies current share price.

Who are these third and fourth parties and how likely is it that they would move. Wouldn't they more likely let the dust settle on a merger first. What advantage do they have throwing their hats in the ring now?

Eshmun