inside business, page-25

Hey Whereu

No doubt the directors are being tested.

But at the end of the day the very circumstances which you refer to with Shell in Nigeria and Sth Africa are positives for AOE in this deal. While Shell would know how to drive a bargain, they would also know the pitfalls of operating in many parts of the world. australia is a gem in that respect. Infact whatever hassles csg to lng might involve are nothing compared with gunboats ripping through the Niger delta and blowing up your pipelines.

I am sure our directors will be falling back on that very position, ie if you don't think this business is worth x. try buying one like it anywhere in the world and also enjoy the level of stability and assistance from the political system. Eg the Qld gov't made a fanfare in December of almost gifting Shell a chunk of Curtis Island.

Jmo ..could go either way...I do feel AOE have the upper hand here as they were smart not to offer Shell equity in the first instance.