valued 48c, un-risked >$2, page-69

just out of interest, Armour (AJQ) has the McArthur Basin in NT permit.
it is a shale resource.
they were to do a deal with AEP (US O&G coy) to develop NT permit.
AJQ state they were proposing to supply East Coast gas mkt and Gladstone. This would be thru NT Gas Pipeline (which almost certainly will be built).
from memory, WCL lobbed a cash bid for AJX ending up 20c cash for 100% of AJQ (on basis AEP deal did not go ahead)
then AJQ purchased some Qld assets from Orgin.
then AEP offered to purchase 13.62% of each s/h holding for 25c cash.
AJQ had a big s/h DGR with 25% of AJQ.
AJQ accepted AEP's proportional bid, and WCL went away.

so prior to WCL, AJQ was hoping to develop and supply gas to Gladstone from its NT permits, and also from its Qld permits.

WCL is also supplying CSG to Gladstone from its Qld permits.

so I do think that interest from a Asian, particularly Chinese< is quite possible, but as you say, there are a million scenarios.

I am convinced there is more consolidation to come.
I agree Santos has its hands full, but in another 6-12mths Santos outlook will have moved on, and it will looking to expand.
The Beach/Drillsearch will take 6mths to bed down.
But that merged entity will be the new gorilla on the block!

Look at Senex. Its sitting there without a date! Its a sitting duck. At some point, a wealthy geeky kid will ask for a dance!
"Beachsearch" will be cashed up, will have size, will have significant revenues, a big level of expertise, and has stated many times it will be looking to expand further into gas, in C/B and other basins.
I am sure I know their next move, and it isn't C/B.
But as we all agree, once STX actually proves up gas flow and commerciality, then it will be a target.

cheers