My take on it is that perhaps ESG have been agitating for a merger prior to any further activity to re-acquire on the very cheap, which is why there has been a lack of drilling (and support from ESG with arranging rigs etc..). They have a fair idea I reckon of the value of the assets OIP is sitting on.
I HOPE ESG are disgruntled with the lack of action...but my suspicious side is telling me if you were looking to buy back a business would you rather pay $20 mil or $100mil?
JT
OIP Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
