If the merger does not happen then GGX wont be able to honour...

If the merger does not happen then GGX wont be able to honour the work commitment. Tenure of the licence is at risk (plus US$1 million penalty to be paid by GGX). GGX and previous explorers have been trying to get a commercial flow out of the Malolos wells for many years without success. Talk about flogging a dead horse. How much oil/gas production on the entire island of Cebu after 100 years of exploration? Diddly squat.

EP 453 in the Canning and St Griede in France have little chance of producing oil or gas. Both are high cost areas and have little real value. The independent experts report tried to conjure up a value, but the fact remains that they are exploration areas with potential but no value (like OIPs exploration blocks).

Surely the only way to set a price for the merger is to look at the cash. Id say 10 GGX shares for an OIP share.
I still don't see how Mssrs Langusch and Edgar can be regarded as independent. While they may be independent of Morton they are conflicted in terms of GGX. Langusch is an ex director of GGX and Edgar represents ESG, which threatened the OIP board in order to force the merger transaction. And of course Morton is a past MD of ESG so mateship reigns at the expense of OIP shareholders.

Id also like to hear what the directors that resigned from OIP think about the merger. If any turn up at the EGM then Ill ask the question.