shell may have to raise bid for arrow, page-10

thurman,
I am only holding BOW, ESG, MEL and AOE.

ESGs future is heavily tied to DOMGAS and electiricty. LNG is a possibility. I think there is still considerable upside in that.

MEL has their own path to cut, which is similar to ESGs, and I also think there is considerable upside on that as well.

BOW seems most at risk when the wind drops out of the CSG sail, however, RP has previously mentioned they have been approached so I remain quietly confident that they will deliver. Even if Arrow goes, a quality resource is a quality resource and there will be demand for that. Shell/Petro are not trying to buy Arrow for their Surat resource alone, they also want the bowen stuff. Considering that BG has a significant position up there and considering the quality of BOWs resource to date, I remain pretty confident with them to deliver a much better return than where they are now.

Cheers,

SF