the quickening, page-43

Thanks rexsh!

It's interesting chatting about the various possible plays occurring in this sector.

If my numbers are correct, on a per acre basis a consolidation at these levels is a very cheap entry given the return.

Excluding script, at todays MC, BPT could take out both ICN and ADE for c. $264/acre........

810k acres (218/855) less BPT's current 356k acres = just over 454k acres

ICN + ADE MC = $120m divided by 454k acres = $264 per acre

Mathematically you could double both companies MC and pick up the entire play for a bit over $500/acre. Logically though, if BPT were to make a bid it would likely be cash and script.

As a mentioned last week, it does make some strategic sense as they would also get ICN's SinoEnergy LNG sales agreement as well as ADE's gas and storage facilities and prospective gas/liquids assets.

Like I said, lots of others watching as well so BPT won't have it handed to them on a platter *if* this is where their intentions lay.

Any prospective acquirer will hold this pretty close to their chest until the time is right. In the mean time, we have initial flows and a resource booking to look forward to.