interesting quote in smh, page-4

Silentpartnr - Couple of points - AGL do not own any equity/shares in SGL that I know of - they may hold less than a notifiable number - less than 5%.

What they did was like a 50% farm-in to SGL's leases with an upfront payment and a deferred payment of up to $50million. depending on reserves that prove up over time.

Seperately, SGL has contracted to sell a certain amount of Camden gas to AGL - any excess gas from Camden above contract or other leased areas are up for sale to (highest) bidders.

If AGL wanted to "takeover" SGL they would have to make an offer for shares like any other organisation and then see what happens.

With QGC, AGL are proposing an arrangement where they pay a lump of money and get a percentage of shares - not really a takeover.

Santos got knocked back by ACCC because QGC had large, proven reserves. In SE Qld if STO wants to acquire CBM assets, I think they'll look for smaller outfits that have large lease areas but have not yet proven up large reserves.