Heat up! - Judge it has been ready to heat up for a long time....

Heat up! - Judge it has been ready to heat up for a long time. You should get a very good ride from here in my opinion.
What I find interesting in the Santos bid (which QGC are already talking down as insufficient), is the emphasis by QGC and the press on proven and probable reserves (2P).
Wasn't that the basis of QGC's failed and messy takeover bid for SGL?
Obviously QGC are grabbing the 'high ground' saying it all about "reserves".
In my opinion, reserves are just a small part of the equation. If the coal is suitable and abundant for producing quality methane then it really gets down to the basics of doing the numbers on the costs of extraction (drilling/fraccing), costs of gathering and compressing the gas and the margin obtained from selling.
In the past I think SGL focussed (successfully) on the costs while QGC focussed on proving reserves.

Interestingly SGL now seems to be going full steam ahead to prove up reserves, not only to grab the dollars from the AGL deal, but to add value to share price as the market appears to reward stocks with high reserves.

As SGL proves up reserves from the multiple seams in areas already drilled and under development, plus the conventional gas well planned for the new year, the SP should move up accordingly.
But are reserves the key to SP value? I think not. In the long term it has to be how much it costs to deliver gas to the market and the profit margin from sales - something QGC haven't revealed.