It hasn't smelt particularly good since last November. Either there was concern over the self-operated activities or there was a contra-intuitive response to MRO's announcements on the success of the trial drilling and ramp-up of drilling on the acreage. The BoD has to take responsibility for lack of information on the self-operated activities.
The price performance since the announcement of the offer has consistently indicated the expectation of a counter-bid and I would expect such a bid to be priced to win - Baytex (on its own figures) could justify trumping anything marginal such as 10/15c. That's my take on it. As I feel no immediate urge to jump into anything else, I'm happy to watch and wait. There are 3 months to run on their timetable and the Q1 2014 report will be out a good 4 weeks before completion.
AUT Price at posting:
$4.13 Sentiment: Hold Disclosure: Held
