If EGY were to announce approval by Gabon of the Total JV and a partner with government approval in Angola, shares would double from here? $8 at least. This new CEO is an African business development specialist and has done deals with both countries mentioned. If the idea was to bring him in to sell the company, those two accomplishments will get him there. And it could happen quickly.
Now what would be the attraction for a buyer to come forward,, except for a fire sale?
Also why would the management and the entrenched BOD even look for a buyer as long as their salaries exceed the performance?