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Thankfully the main contender is probably ConocoPhillips and not BHP. ConocoPhillips have extensive experience in drilling for unconventional hydrocarbons. They are also the only company that has developed a major LNG project in Australia on budget and on schedule.
It might make sense for BRU and Mitsubishi to farm down some of their interest to a company like CP, and even let them operate , assuming the price was right.
CP paid six or seven billion to buy into ORG's coal seam gas reserves in Queensland and then was extremely successful in marketing LNG to China , and of course are well on the way to completing the LNG plant .
ORG had considerably less gas than BRU potentially have . Sorry to use the word potentially but it is time for some serious testing on Valhalla and Paradise. If somebody like CP farmed in , it would probably be on the basis that they paid an upfront cash amount followed by additional payments as the reserves increased. This would be better than waiting a year or two for the total reserve picture.
We live in interesting times.
The stock market is a wealth transfer mechanism from the impatient to the patient.