APA T/O Bid, page-4

It's an interesting one. I presume the current drop in BUL is due to APA's import terminal announcement. Combined with Twiggy's plan to build one, importing gas could take a lot of the domestic market which I think has been our best hope.

I've got no idea with the takeover, looks like the market is pricing in the chances of it getting approval at around 50/50, as the FIRB could easily knock it back. Although a takeover could be a good thing for us, if they sell some other assets it might give them plenty of cash from new projects, like a certain pipeline...