comment on qgc offer., page-16

Hi Gasman,

The price of 57 cents per share was agreed upon before more recent positive announcements (including the upgrade to reserves) boosted the QGC share price to where it is currently.

Also, the market is well aware of Cottie's ideas on arbitraging between the Qld and NSW gas and energy markets. Refer slide 12 of his Investor Presentation (on the QGC web-site). I do not see why AGL would mind where the gas comes from as long as it turns up. What AGL need is security of supply.

(I hold QGC shares).