I don't see any harm in CR to acquire income producing assets...

I don't see any harm in CR to acquire income producing assets above their cost of capital. It's a good thing for our company's success (and long term strategy). If they can fund from cash flow that would be even better. I would image it falls into available placement if necessary.

IMO COE doesn't really care to much about Minerva gas resources (what limited reserves remain will get produced). It cares a lot about Casino-Henry. Shifting that exsiting gas production and new development from Iona to Minerva plant isn't a big deal (just a little 1/4 mile connection from the existing pipeline to connect to Minerva instead of continuing to Iona).

Assets like gas plant typically wouldn't be sold at a "depreciated cost" - possibly more along the lines of replacement cost less deductions. Minerva 20yrs ago cost BHP US$123 for 271BCF of gas plus 1.1 Million barrels of liquids (so about US$0.50/GJ F&DC). As you say wont be worth much to BHP now (especially without gas to process) but I;d be surprised if they gave it away.