RE: It will happen More likely because it is only a matter of time before PXT or equivalent snatches them up. If Casona hits, or both LM5 and 6 hit, it won't be long. I firmly believe they have already had discussions, which they have alluded to during their various presentations.
If they are able to hit again with LM 5 and 6, and La Casona, there are just too many reasons why it makes sense for PXT to take them out.
Think of it from their perspective. IF PTA hit 5K bopd early next year (i.e with another discovery), PXT could take out PTA at 0.50/sh at a cost of approx $350M. (700M sh o/s inclduing 0.35 and 0.20/sh wts). Approx $325M after debt repayment and warrant proceeds. That would be paid back in about 3 years out of the profits from the acquired production (or less).
A few "if's" in there, but certainly it makes very good sense for both parties.