Quite frankly, MIN can't spruik that it's the largest onshore...

Quite frankly, MIN can't spruik that it's the largest onshore gas discovery in Aus and low-ball offer us like this without a few reasons.
I think Iain would be doing us all a disservice to accept this offer, which may have been the first move expected anyway. For a game of T/O Chess, this moves the implied value closer to realistic, but still nowhere near where it needs to be and is probably the intention IMO.

My take is that this is re-setting the floor price of NWE for MIN, because other sharks are circling and accumulating. Don't be surprised if Gina and another entity with a few percent holding is looking at accumulating rapidly off the next drill in prep for a T/O offer mid next year. This is the first step in protecting MIN's position in the play IMO.

Iain this is not the final offer, only the first!