The answer is there is a pending offer so news about the acquirer is absolutely relevant.
I enjoy the discussions about OBE's apparent financial crisis while in 2020 BNE was scrambling to make less than $30 million in funds flow and increasing their debt. Meanwhile OBE made well over $100 million ( final number next week) and reduced debt.
Yes BNE is recovering and will be more than fine at $60 oil and yet our intrepid BNE analysts seem to miss the point that OBE will be also more than fine. At $60 oil OBE will have over $200 million in funds flow and they can maintain production easily at $60m capex giving them about $2 share of Free cash flow. Very likely the intend to pay down debt with the extra but they do not need to sell an asset or do anything other than count the money.
As I have stated many times, I do not think OBE benefits from this merger, they are giving their upside to BNE shareholders. I will also point out that BNE has entered into some very out of the money hedges and OBE's hedging is minuscule so they have all the upside ahead of them.
They should be going after IPO which will generate $20 million in free cash flow, 5400 BOE per day and would cost them less than a quarter of BNE.
I look forward to the deal being fully rejected and discontinued after Monday's share count and I will gladly discuss all things Obsidian elsewhere.
I agree with Blackdog that better edit capabilities are needed on this site.