The consolidation of Australia and New Zealand's Small Cap sector has begun. M&A activity is on the rise including numerous hostile plays. New players and market conditions are driving consolidation in the pursuit of improved capital allocation, synergies, 'bargain' deals and building scale. This is just the beginning and more consolidation is expected. This presentation places the region's Small and Mid Cap E&Ps in context and highlights the recent consolidation M&A activity and its drivers.