other bidder assessment

The purpose of the following list is to try to identify another bidder for ESG.

I'm going to use a process of elimination which lends itself to the negative, however, seems the best way to narrow the field.

AGL, no they already have substantial acreage in NSW and Queensland.

Japanese consortium lead by Marubeni - no. My guess is the NSW government and environmental concerns scared them and/ or their potential off-take buyers.

Arrow/Shell/Petrochina - no. In my view they will be more interested in Queensland assets and longer-term NSW's Clarence Moreton basin.

BG - possible. We know they are already considering Train 3. They have 19,536 3P + 2C. I'm assuming they have Train 3 covered. They have a GSA with APLNG. I guess the question is whether that provides them with sufficient optionality in supply in the event Queensland has another flood etc.

Origin - possible. 20,551 3P + 2C. APLNG covered, GSA with BG covered, but are their long term domestic needs covered? Origin have gas supply from the Cooper Basin, Otway & Bass Basins along with tenements in the Gallilee Basin and Surat Basin outside the APLNG tenements.

NSW is obviously where the domestic gas supply requirements may substantially increase in light of the carbon tax and their recent NSW utility acquisitions. It would be silly to assume they haven't run the ruler over ESG and other NSW CSG companies. However, Origin is a current customer of Santos.

Other Oil & Gas majors - possible.

Any other Australian utilities?

Please comment and add to the list.