shell has launched a takeover bid for arrow, page-26

Thats a low-ball figure.

At $4.45 for 732.3815m shares, thats a bid worth A$3.239b. Current mkt cap is $2.548b, so the offer is still at a premium, but IMO a bit low.

AOE's net CSG reserves are
1P: 432 PJ,
2P: 3690 PJ (deal metric is 88.3c/GJ-2P)
3P: 5781 PJ (metric is 56.37c/GJ-3P)

Don't think AOE will agree to this bid from Shell & PetroChina.

Brokers on YMYC were saying atleast $6 when Shell visited AOE mid-last year, the games begin.