Given the decline of coal in the NHC results it may be their...

Given the decline of coal in the NHC results it may be their wish to beef up their oil and gas division, that's what I would be doing.

The revenue stream is clearly there under the GSA, they just have to do their discounted cash flows to see at what price it meets their return on capital hurdles.

I wouldn't be reading too much into a throw away line about 'considering their position', if it comes to that we are all considering our position; aren't we? You know - "whether it is nobler to suffer the slings and arrows of outrageous fortune or whether to..... BUY SELL or HOLD." Sorry about that, the Bard would be ashamed of me.

Another possibility is AGL, they would be pretty pissed-off at being left without gas supply once the GSA with Santos kicks-off. I bet they are getting their lawyers opinion about the feasibility of tearing up the GSA agreement if they got control of WCL.

Apart from any other possibilities, you still have the very real chance of LB coming back with a revised offer the Board can recommend.

I still think Santos is the best bet, however their Board might take a bit of convincing after the Eastern Gas troubles.

Interesting times, just hard to be patient.