forward sales, page-2

Pretty simplistic dismissal Harry. Can you see any positives for SGL...?
Like maybe...
SGL has a "foundation" Gas Sales Agreement with AGL worth $450 mill over 10 years to supply up to 14.5PJ/a from Camden. This is Camden Stage 2 (currently advanced)and only involves production from <4% of SGL Tenements.Negotiated 2005. Involves simple connection into Mooba-Sydney

Additionally SGL will receive $51 million if a set target of reserves are proved up prior to Dec 2008.

Hence AJL's involvement. Ample incentivation to both SGL & AJL to utilise SIS expertise to meet these targets.
AJL's choice to buy equity in SGL at 38c (34c)was taken with good historic knowledge of SGL's assets & appreciation of their future potential. They expect to achieve that bonus $51m.
That AJL have since quietly increased this stake onmarket suggests they remain confident, at very least.

And then there is the huge exploration potential of the vast expanses of the Hunter Project. Which just happens to be adjacent the proposed QGC pipeline, and within an easy stroll to Newcastle. Add the positive impact of the recent rapid rerating of gas prices; high potential for M&A in the sector and carbon trading looming....