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Do you think North Assets are regarded in a different way to isolated London Mansions. It could be regarded as energy security.

If a Russian bid "were" to materialise, UK Gov would undoubtedly get involved and that could be an almighty stumbling block.

take these tweets with a pinch of salt. Let's see the colour of their money?

Shareholder vote here is heavily stacked in favour of one or 2 major holders who will determine the outcome for Delt. Do'nt forget IOG shareholders, that could be an issue?

Do'nt start counting chickens...........

That does seem to be to scenario. The next week may reveal?

Mike agree it is barmy. Shell will retain it's interest if a deal is struck with IOG, although the more I think about the more am convinced how is another NS minnow going to afford us. Am more inclined to consider Exploration's summation this morning...there is a bigger predator around.

Mike the options Granted to Swindells and Nunn in July 2019 are exercisable over 40million shares at the following terms.

Base price 1.75p
1/3 of options can be exercised at each year following grant and remain in existence for 10 years.
In order to exercise SP must be at 33% above Base price in 1 st year, 66% above base in yr 2 and 100% above base in yr 3.
The excerisable price must be held for 30 consecutive days before exercise.
In simple terms the SP must be 3.5p in yr 3 at July 2022.

Really imo this is an irrelevance Mike, the reason mentioned is any deal will from GS and AN angle have to include some restitution for options etc they have not been able to exercise.

Exploration,

In my simple terms, "big fleas live off little fleas"

A part of the equation which I have elluded too and you have expressed a view , is How will Swindell and Nunn etc play it. They have options they are unable to exercise ( SP has not reached the pre-described level required) and along with their contracted rights, will be seeking a handsome Golden Handshake, over which, no doubt MS will have a lot say.

Mike, yes we are in a much better place.
Any all shares offer must be valued against the resultant value attached to IOG shares. Do you want to accept shares which show you little or no value increase against your investment in Delt? I do'nt. Do not forget for months you have been very unhappy here. It may not happen but hypothetically, should your holding in IOG present similiar situations to those you have vermently complained of here would you feel more comfort to sit on an increased asset which you can sell? All depends on your and anyone's investment strategy. I look for long term capital growth and occasionally annual returns. Even being long term there is an Exit strategy otherwise do you wish to be the richest man in the Churchyard? .

Oilriches, I agree the BOD are unconcerned about averages, only the indiviuals themselves. However, and I do repeat, our Major holder is in at over 3p and unless MS wants a loss( unlikely) any deal will require his approval. We all saw Michael Spenser's reaction to the RBD offer...derisory.

oilriches that is a reasonable point and as I mentioned , the level of dilution will impact on the percieved value both Delt and IOG holders would eventually recieve. It is a big dilemma, however as Exploration as expertly identified, there are bigger players probably involved. So although IOG are the front guys, the back room dealers will have their own value which "may" not reflect so much on potential dilution as one might think.

It is a conundrum which over the coming days should clear some of the unknowns.

Exploration,

The values being touted are suiting as you say, whatever agenda is being worked. We can forget the "pie in the Sky" number. I tend to rely on the De-risked numbers projected in the latest Presentation. Only time will tell.

It is right for any Investor to keep in mind the "Global Warming Brigade", energy will always be needed but from what production source? Hydro-carbons, whether it is liked or not, do have a limited life.

As a LTH I would have to seriously consider my exit strategy....take the cash now or soon or commit to a Long term investment. If the latter my decision would be influenced should the entity in control produce good income returns much as Shell have done for decades.

Mike that is something I suggest majors and others know and suspect believe are significantly undervalued. It can be no co-incidence that Delt and Shell have/are consolidating a particular area of the SNS

Mike, slow yes, from what we know Delt is now a hot stock in the NS.
Oilriches feels 3p is OK. No way, it may suit Oilriches, and good luck to him, but there are many of us who have remained loyal for a considerable time and averaged above 3p, including our Major Holder, MS.

From what we are learning there is a hell of lot in play and to play for. As stated earlier PI's should review the values quoted on page 12 of last week's Presentation. If any of those numbers are in line, 3p is laughable.

An all share offer does come with risks which is a concern.

Exploration

As always a very knowledgeable and insightful piece.

It does makes sense for Bigger players to come in now the latest licences have consolidated an area of the SNS, which it is reasonable to assume, Shell have considerable knowledge, some one suspects being kept confidential.
If as you suggest IOG are basically a stalking horse, so to speak, is it concievable we could be in a bidding war??

If my memory serves me right, Warren Buffet, was/is heavily involved with Berkshire Hathaway?

J1osf for the BOD to stitch us up it will need the collusion of the Major Shareholder

Mike look at page 12 of recent Presentation. A range of values quoted. Fully risked NAV is quoted at 7.6p.

Take your pick.

Mike I have'nt crunched the numbers like some, but would be surprised if an offer less than the equivalent of 5p being accepted.
The landscape improved markedly when the latest awards were made and the clear consolidation of blocks in direct contact with Shell. I maybe wrong but suspect a lot more is known about the area's potential, than is being disclosed. The SP is not at the level where Exec Options are triggered, so that is another point to bear in mind.

IOG will be testing the waters through intermediarys who are highly likely to have a link with MS, whose acceptence will be fundamental as to the success or otherwise of a Bid.

To maintain momentum and probably stifle any opposing bids, IOG will likely put an offer on the table within the next 7 days.