They want a saleHoulihan has been working this for weeks or possibliy even months. I'm not sure the dataroom is open yet because Houlihan is likely reviewing all the technical work to ensure something hasn't been overlooked. Some of my connections believe the Wei room is not open yet but they aren't directly on Guyana/Suriname teams so take that w/ a grain of salt. Interested parties will then gather all the raw data and perform their own analysis which would take weeks if not months.
Furthermore, many institutional investors have told Frontera that they don't want to see them spending anymore of their FCF on Guyana. They want Guyana to Self Fund...which means they want to see a deal achieved that allows Frontera to cash out or at minimum progress the asset w/ no further spend. Look at Frontera's shareprice...it's down because investors are afraid they will continue to spend...Frontera is very aware and uncomfortable of this selloff.
More transparency would be great but for now all we can do is email IR and ask for that. If a deal looks close, I don't expect to see more PR as everything will remain confidential to remove stock market volatilty.