Given the small flow rate and pre-payments I'd say it's likely AGL have rights to all gas produced over the time period, at least from Vali 1/2/3. But I agree we won't be privy to the commercial details which could be anything!
If VEN/MEL end up with surplus gas my opinion is another GSA is better - trading on the spot market takes more resources (VEN/MEL need a trading team) and there's no guarantee the price doesn't drop to less than $8-$10 over summer. BUT our summer coincides with the northern hemisphere winter so LNG and spot prices may still be very high. The bumpy road for gas markets have only begun I suspect!
VEN Price at posting:
8.3¢ Sentiment: Buy Disclosure: Held
(20min delay)