Bryan said QGC’s share price has risen 84% in the nine months leading up to Santos’ bid. He noted that more than 39% of that growth has happened in the last two months, after his company announced a growth acceleration strategy and set itself the target of boosting its proven and probable gas reserves to 1 trillion cubic feet in 12 months.

“Given the quality of QGC’s coal seam gas prospects and the top performance of its management, the board has every reason to believe that the value of QGC will continue to increase,” he said.

Bryan said the market backs this view, with QGC’s share price trading above the offer price and closing Monday at $1.45.

“Since the Santos bid was announced, not a single share has been traded at the offer price of $1.26,” he said.

Bryan said the Santos bid was timed to win control of QGC before the share price rises further.

“The timing of the Santos offer was no coincidence – QGC was on a roll, and with a share price continuing to head north,” Bryan said.

“My view is that the increasing premium reflected in the increasing share price should be retained by QGC’s shareholders and not handed on a platter to a third party.”

He reiterated that QGC’s directors “strongly advise” shareholders not to accept the Santos offer and said target statement would be released once Santos’ bidder’s statement has been received and considered.