Take an extra 23% off
|Shale takeovers looming due to Texas discount in Australia|
(From Bloomberg) Buyers seeking a piece of North America's shale boom can find it in Australia.
Australian companies exploring for oil and natural gas that's trapped in shale rock in the U.S. and Canada are valued at a median of 11 times their reserves, a 23 percent discount to their counterparts that are listed on stock exchanges in North America, according to data compiled by Bloomberg. The valuation gap -- driven by Australian investors who are more than 8,000 miles (12,800 kilometers) from the companies' wells in Texas and Oklahoma -- may lure acquirers, said RBS Morgans Ltd.
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