Ann: Receipt of non-binding indicative proposal - Beach Energy, page-54

If you want to use the $/GJ metric, (which i still think is a low ball number) we should be 1.6 x the AWE number owing to the dom gas price increase. (the price AWE was bought out at was pure robbery imo).

The other key thing you pointed out here is that STX and WGO are both poorly valued...so the ratio offered by STX is a reasonable number.

For me, Id rather the stx offer (i already hold more stx) as the combined entity will have 100% of the gas, and have exposure to 100% of the upside.