Perrect SetupI have to say this was well orchastrated. a reporter that is out of the office makes a comment late yesterday and both companies confirm tgis morning but without certainty.
people have been accumulating for the past two weeks after the exxon anouncement in Nov and then stock went down again. those who know found it a good opportunity as they knew this might happen.
but as someone said earlier this is not a company buyout but a transaction for interest in a block which would result in cash. yes management would take some bonuses. however I beleive they will then merger with Vast where a non commercial 900 meters column has been found and need to drill a second well. LFD,s money is the solution to fund since a part of their management is the same. Neither vast or niko seem to be wanting to opt out. they have no closed the drilled well but left for re-entry and a planned second well to go deeper from a lower cap in second half 2012.
alhtough it it good news but i do have my reservation whether this will really benefit LFD shareholders directly on short term. i certainly hooe so as i have 150,000 shares with 17 cents average and shares in vast.