don't forget BG and Pure !BG let Arrow put in their bid and get...

don't forget BG and Pure !

BG let Arrow put in their bid and get Board recommendation, the BG just lobbed in a bid.
Arrow even had 30% of Pure, but that did not stop BG - BG could have been left with only 70%, but they still wanted Pure permits.

Just because Shell has 30% of Arrow acreage does not preclude another bidder.
It may be a dampener, but not necessarily a killer issue.

As EL points out, AOE power/gas assets may be worth $1, plus cash 50c, then add AOEI at 50c = $2. SO if Shell is only paying $3 for Aust gas (where AOE say they have 70,000pj GIP ?) then thats got to be a bargain.
$3 x 733m = $2,199m for Aust reserves & acreage.
Gross 3P was 11,042pj so AOE net 7,729 net 3P.

So Shell only paying about 28.45c / gj for 3P !

Thus, on that basis, there would still be plenty of room for a spoiler to enter the fray.

Remember, AOE is probably unique - has huge acreage, already very significant proven reserves, way ahead in development timeline, and no other real independent alternatives in Qld.

wish I had not sold my Arrow years ago.

cheers