No funding needed, it will be shares which seal the deal. Long expected consolidation in the ROF, good and strong sign to see NOT taking the initiative once again.

Advantages:

- Economies of scale (higher efficiency vs. First Nations, Infrastructure and Procurement)

- The more consolidation, the more attention from Investor community, Majors and BNN

- The combined NOT will have more tonnage to show for in an eye-blink (who dares to look away, may well miss the boat)

- Cliffs and other positions will need to buy into NOT

- It's a supershot by Wes

Don't see substantial or painful disadvantages here as long as cash position is not hurt too much for advisory-, deal- and Mac's golden parachute costs.

So, there is a Barbarian at the gate of FWR and it's called NOT this time. Nice development, shows persistence as well as a whole lot of trust to combine the companies. Let's leave the none-drillers and non-have's (on current tonnage) alike FNC out of any deal