The deal announced today between Origin and ConocoPhillips looks like setting a new valuation mark for CSG, even surpassing the former Santos/Patronas deal in march. At $9.6 billion, that puts Origins 2p reserves at $4 per GJ, and 3P reserves at $1.88 per GJ.
Deal effectively kills off current hostile takeover by BG. This effectively means BG must go after a new target if they want access to Australian CSG reserves. Not suprisingly, market looks like factoring QGC as mostly likely target now, rising 30% today.
All good news for ICN holders IMO, given ICNs significant GIP.
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