At this point AOE + Shell are co-operating on a 70:30 basis for...

At this point AOE + Shell are co-operating on a 70:30 basis for Queensland CSG assets.

The next stages are field drilling water disposal + gathering systems and then compressor stations + pipeline to Gladstone.

The Gladstone gas liquefaction alone is probably $5 billion.

Only Shell has the money for these costs and they would become a majority owner of AOE if done through AOE placements.

If BG put more pressure on the PES price it may force Shell to act now rather than later and a QGC/SHG scenario may develop.