the big call, page-12

Jessy

Agree, its getting interesting now. I think PES could b holding on for some more & have no say as their board did agree to the offer in the past. Not sure if either BG/AOE have had a think abt the contingent reserves that PES mention.

We know 3P-2471PJ is getting them 40c/GJ $995m), but the total contingent res. are 5797PJ. This is probably additional to the 2472PJ for the undrilled acreage.

If either suitor were still to offer 20c/GJ for this 5797PJ, then that takes the offer a bit more over a billion, ie $1.159b. QGC's had 3P reserves of 8200PJ that fetched them $5.56b, and PES have the right tenement.

Wonder what AOE comes back with, after yet another group huddle with Shell, more cash I hope not a towel, as its only the second round of this bout & the shareholders are loving it!!

cheers