Thanks for the reply Cornergas. I dont think that a take-over is necessarily what ONGC is looking for, but perhaps an investment (Joint Venture). Given that Connacher owns a refinery and Luke, Im pretty sure that a take over is very unlikely. I highly doubt that an Indian company would get involved in the refining side of things given the current economic environment. Despite this however (and given that very few companies are similar to "10,000 bbls/day of heavy oil production"), I believe that the increase in SP was due to speculating Connacher is involved. It will be interesting to see what happens next week regarding the SP, and perhaps a formal press release regarding the matter.