While such a move can seem to be hostile in intent, the analyst, who preferred to remain nameless, does not believe this to be the case. According to the analyst, "the market will just have to wait and see what Petra's real intention is."

While he feels that a joint venture between the two companies is the reason behind the two almost conflicting bids, the analyst is sure of one thing, "It seems that the scramble in the oil and gas industry has started."

Intra Oil is a company that provides marine vessels to the local oil and gas industry and the proposed acquisition is scheduled for early 2004.