Some thoughts, page-4

I'm just not sure anyone is going to offer that much. 2c is what.. 5 times market cap at ~$20M? Then another $10M+ in seismic and drilling over the next several years.. Kinda expensive when they sold 25% for $1.75M to OXX not that long ago and they now have 50% ostensibly worth $3.5M at last sale (although yes OXX also took a placement and if we don't count REY taking out BOPL for ~$2.6M). Maybe I could see it happening at ~1c.?

Whilst you're not wrong that a TO would be great for SH's (even 1c is 2.5 times the current price) I just don't think anything impressive is likely. IMHO, there is more likely to be another 25% sale of Derby or something. OBL management were happy with owning 37.5% and having $1.75M in the bank which is what they were trying to achieve with BOPL and OXX at one stage.