takeover target, page-38

http://www.wallstreet-online.de (story from petroleumnews.net)(December 2008)

Heugh said one of the benefits of having BG on board is its supply of cash.

“Obviously BG with QGC has some very deep pockets and if they decide that they want to do something with us, at least from their side there will be I imagine no problem in supplying the cash for it,” he said.

“The other advantage of the combined BG-QGC group is that BG brings with it a range of international expertise not only in non conventional reservoirs but in conventional reservoirs in many varied geological environments.

“So BG with their international expertise in conventional reservoirs, as well as non conventional reservoirs, plus QGC’s very detailed experience in coal bed methane and non conventional reservoir development in Australia, I think, should be a winning combination on the technical front for the joint venture.”

However, Heugh said aligning with the large organisation has its downsides too, in that BG might attempt to try and takeover the company if results look promising.

“We would hope that by working cooperatively with BG and perhaps by them expanding the existing PXA farm-in agreement they will get what they want out of this JV without having to think about corporate acquisition,” he said. End.

Also it is interesting to note that William J Dunmore BSc MSc Independent Non Executive Director has worked with British Gas previously. See CTP 2009 Annual Report:

Mr Dunmore is an experienced reservoir and production engineer with significant transaction, analysis and financial modelling experience gained by consultancies and employment with a number of banks, financial institutions and petroleum companies including Barclays Bank, Unicredit HVB, British Gas, HBOS/BankWest, Rothschilds, Gaffney Cline and Associates, BHP Petroleum, Schlumberger, Hardman, Mobil, Lasmo, Petrobras, CSX, Total, Nippon Oil, Powergen, Mosbacher, Unocal and Svenska Petroleum. He has over 30 years of direct relevant experience internationally. He has been engaged to appear as an expert witness. Within the last three years, Mr Dunmore has not been a director of any other listed public company.