My bet is that AOE would not consider BOW until it at least has funding firm for FL.
It wouldn't make sense for AOE to bid for BOW imho unless the added reserves fitted well with a Shell Curtis Island plant (for which the Bowen basin is looking like the primary source).
I am not sure bidding a quarter of AOE's market cap for BOW makes any sense at all. In fact looks to me like STO and ORG might have more need for the reserves, with Shell directly another possibility (perhaps with AOE taking a small share and operatorship).
But really I am inclined towards the BOW mid sized, stand alone, energy company story.
EL
BOW Price at posting:
$1.10 Sentiment: LT Buy Disclosure: Held
