The largest shareholder of GAS is TEG and TEG's largest shareholder is Tamarind. Tamarind has made a significant strategic investment in the Perth Basin with fingers in a number of interlinked opportunities. I think the $40 million +++ TEG would receive through the sale of GAS would go a long way in consolidating and realizing the Perth Basin vision. If things play-out for TEG/Tamarind it will be a massive payday through the multiplier effect on what they have already invested rather than the long haul development GAS's single asset. Currently the value of the TEG's shareholding in GAS is not reflected in its share price (shareholding worth more than market cap) and it would be a tough call for the BOD of TEG to do a CR with the way things stand at the moment.
Why would GAS be thinking of selling - because its major shareholder and founder which is also influenced by Tamarind see good reason too.
update on increase of interest in pl 231, page-3
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