i suspect this is the reason they have not come back with...

i suspect this is the reason they have not come back with another offer, the complications of trying to organise something with shell.

shell are obviously commited to QLD and the CSG market and love working with AOE, its just whether they have the capacity to move now on AOE and make it all a lot easier. likely could be another agreement to take 30% of the PES assets at cost but this does nothing for the undervalued AOE scrip and having to use it at the current price.