higher bid is on the cards, page-15

Rocky-1,

I don't think you are missing anything at all.

The only factor that should be included is the time it takes to wrap up the deal. And on that front AGL Energy needs the storage capacity soon.

From AGL's own announcement stating the rationale for the bid:-

"Under the gas storage services agreement:
AGL will manage and fund the development, installation and operation of a gas storage facility at the Silver Springs / Renlim Gas fields. The facility is anticipated to be operational by April 2011. QGC will make a capital contribution to AGL to support development of the gas storage facility"