From TDW research:

Event: On Wednesday evening, Andylan Capital announced a 5% position in TOL and a letter to the Board of Directors with several demands, including that it pursue a strategic alternatives process. In our view, this is a positive for shareholders, keeping in mind the previously disclosed 17.3% equity position controlled by PetroBakken.

The key highlights are:

1) In our view, TOL’s asset base is attractive in that it offers a significant exposure to the Dunvegan and Cardium light oil plays, with assets directly offsetting those of much larger operators.

2) We calculate that the current share price implies a NAV of 2P plus 39% of unbooked upside.

3) We are unaware of the Andylan-led consortium’s intentions, but our initial assumption is that the goal is to prevent PBN from acquiring TOL for what Andylan would believe to be less than fair value.