Hi RicEe:As always, excellent research. Thanks! I agree that the...

Hi RicEe:

As always, excellent research. Thanks! I agree that the outcome will pour out in some form after the AGM and exec options are bedded down.

Interesting responses, ranging from "just give me better returns" to confidence that this group is good at finding oil to doubt about the feasibility of the alternatives I put forward.

Although somewhat arbitrary, the two alternatives were directly based on a conservative take of RBS's own April 2012 report -- i.e. EF valued at $200M-$279M (82-114 cps), representing roughly 80% of TXN value (thus 80 cps for EF sale vs $1/ps for TXN buyout). A Oct11 Paterson's report has a similar calculation of EF value. Recent EF and nearby sales have been (I recall) almost $42k/acre, but these likely have more producing wells and higher 2P. US CapGains is an issue for some outcomes, but ways to minimize through rollover the asset except (I presume) as cash to shareholders.

RichE noted here and previously the RBS presence, suggesting more than a mere EF land sale. RichE's research today adds more fuel to that fire, raising the likelihood of corporate restructuring.

However, that strategy wold be odd, IMO. This is NOT a good year to float a new entity, particularly when you run an existing entity with potentially enough cash (from EF sale) to build the business. Maybe the shells that RichE found are more for executive tax purposes, not new ASX. Time will tell.

Meanwhile, let's enjoy the share appreciation and hopefully move closer to valuation.