This buyer is a whale. The buyer is buying through JP Morgan's trading desk. He will likely buy up all of the remaining float that is not in strong hands already. Hearing he is looking to become a 10%+ holder.
None of the current large holders are looking to sell until the story plays out. This is a powder keg waiting to blow.
1) PNG NEC approves amendment to the 2009 Project Agreement (stock +10 points) 2) DST results from T2 (stock +10 - 15 points) 3) Sell down of 10 - 30% to a super major (stock +30 - 80 points) 4) Pre-emptive bid by Shell for 100% of the company at $125/sh?? Puts the company into play and an active open auction process will take place. Final acquisition price likely $200++ (depending on T2 results) 5) 7.5M shares short have to cover and there are NO SELLERS (massive short squeeze....just like VW and Porsche).