ever the optimist ..but I still think its likely AOE are talking...

ever the optimist ..but I still think its likely AOE are talking to a third party and if you think about it from that angle it makes sense for Shell to come out with a low offer at this stage?

remember with PES it looked like AOE had it in the bag .. and didn't the directors recommend it until BG appeared from left field, AOE countered and then BG walloped them that with $8 offer..

In the first instance it looked like PES's board were in bed with AOE as well...but in the end the value of the assets meant fair value was realized.

Although Shell have 30% of the tenements , you could argue that doesn't really matter to a 3rd party if they expect Shell to help develop reserves quickly..a counter bidder could be looking to go for it and then force Shell into a JV on Curtis Island..If they fail they will have forced a major competitor to pay up for assets. BP might do that just to spite them.

i wouldn't rule anything out- this is so low I think there is a real prospect of a counter offer...but then again I was thinkig Shell were going to surprise on the upside so what do I know...zip!