What might be motivating sellers ? Four things, in order of importance ;
(1) Traders selling shares they bought recently, sub $3 (or $2).
(2) Fear that the sale won't go through, on June 15.
(3) Worldwide recession on the way, $3.85/share cash be damned.
(4) Expecting bad news on Indo, L53 sidetrack, or both.

Of the above four, (4) makes the least sense. As "nk" speculated on another board, why raise $200 million if you don't need to develop a capital intensive NG play, in Indo ?