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  5. AAV: with the takeover of Arc by shell, I am wondering if other Montney operations become targets. [Advantage Energy Ltd.]
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Q: with the takeover of Arc by shell, I am wondering if other Montney operations become targets. How would you rate these three or are there others you could mention?
Asked by hal on April 29, 2026
5i Research Answer:

KEL is very active and we like it. The stock is cheap and we would consider it a potential target as well. 

We are quite comfortable also with BIR and AAV. BIR has put itself up for sale in the past but found not takers at an acceptable price. AAV is very cheap. 

Our rank here would be KEL, BIR, AAV but we would be comfortable with any. 

TOU and CNQ are also active in the region.