There's a lot of focus on Shell being the only player in a...

There's a lot of focus on Shell being the only player in a corporate deal scenario.

I think, the other big players (ie Santos, Origin, BG) are just as likely to be involved as Shell.

Santos and BG need more reserves and Origin have the financial capacity to do something. Shell is very slow moving, and possibly a little more risk averse compared to the others, which may be a disdavantage if someone makes a move.

Shell only have an interest in the assets, not Arrow Ltd, and Arrow are the operators for all of their JVs.