Alert this is a RUMOR!

[SamAdams]

I'll go with Palm's interpretation. Shell had all the information for bidding without signing the CA so whether they did or not is of little consequence. If there is something extraordinary going on it may be that Shell, realizing Petromin is being dismantled along with their controlling access to PNG's hydrocarbons, is now mounting a takeover bid for IOC. BTW, I think the recent talks with the Thais and the Japanese suggest the bid for E/A will be closer to $3 than $2. Add $5 for LNG processing and transportation and those countries have $8 gas (and competitive once again with North American industries). They couldn't let that opportunity get away.

Art, I agree.  I think Dmarques point was aside from the data, was there an advantage in bidding and trying to glean where the market was for the assets.  Were there four bidders at $1.50 and one at $2.50 or are all the bids $2+.  I would assume Shell would bid low, try to discern the market and then go hostile if they lose with the lowest bid possible to get IOC.  Why go hostile at $250 PPS in a takeout if the best offer in the bid process is $1.50 per mcf.   If the bids are $3+ then perhaps the deal is too rich for she'll ( but great for us).  I think we are on the same page here.