RE: Sterling is a great example of what can happen I agree with what you say dbeaude but when a bargain comes along..., isn't that what the cash is for? By the time the deal is done, Sterling should be in production at Breagh (due diligence required of course) and I think it would theoretical roughly double IAE's bopd production numbers (and cash flow). Sterling's other properties are gravy in the deal and can be sold, swapped or developed as time and reason dicatate.
Perhaps a merger and IAE's cash goes towards Sterlings debt? I would rather see IAE steal this deal than Vitol and Sprott.