"but there will very unlikely be any other bidders until BOW...

"but there will very unlikely be any other bidders until BOW recommends an offer."

and it does not necessarily need to be a cash offer.

it could be a better deal - but in the form of a Farm-in, or Equity participation, or some sort of GSA deal.

For example, if an Offtake party has a deal with say BG, to purchase LNG, they could very well be interested in "Hedging" the underlying gas price by buying into the gas production project.
Its a Natural hedge.
The Chinese love to get their hands on the underlying resource.

Just one thought on where a competing deal might come from.

Because we DO know that BOW has been in j/v type of discussions for quite some time.