The future of the company is now in the hands of the shareholders who have to weigh up the competing bids from Medco and Novus chief Bob Williams, although the board has valued the company at around a dollar more per share than either bid has offered.

Not surprisingly the company's independent directors have asked shareholders to reject the $326 million offer from Indonesia's Medco Energi and have countered by predicting fourfold growth in profit this year, and releasing an independent expert's valuation that exceeds both offers.