aoe to reject offer, page-17

Exactly my thoughts El.

If Shell/PTR is receptive to a deal with AOE it also removes the risk that they are out bid by a competitor.

Better to cut AOE into the JV than risk losing AOE's reserves altogether.

I think it would be a big positive for AOE to have Shell leading the LNG project, and PTR tied in as a long term customer.

If shell are determined to build 2 trains to start or around 8mtpa they can't afford to lose AOE's net reserves no matter what next move they are planning.