We were at 14c before the US crisis, if any takeover needed to happen, then we would need a premium on top of the 14c, say at least 18c to 19c.
But now, at 8.8c to 9c, any potential takeover that comes say 14-15c would seem attractive but really we are going back to square one.
It appears to me that there a further upside is expected till end of year: - PEL218 resource booking from Holdfast-1 - BPT to begin drilling late 2011 in ATP855 - fracturing and testflows during Q4 for Encounter - further PEL218 resource booking upgrade from results of Encounter
ADE Price at posting:
8.8¢ Sentiment: Buy Disclosure: Held
