aoe to reject offer, page-15

I think there is a lot of middle ground between Shell/PTR aquiring AOE, and AOE remaining independent and pursuing Fishermans Landing on their own.

I expect Davies will be trying to negotiate AOE into the Shell/PTR venture,in some capacity and IMO that makes perfect sense.

AOE was always intending to supply gas into Shell's Curtis Island project makes more sense to be apart of that project rather than building a smaller capacity project at Fishermans Landing.

There always needed to be consolidation. Would Shell be receptive to this? I don't know all the past history.