There’s a lot of value in frozen assets. BG’s bid for Australia’s Origin Energy, a pioneer in extracting gas from coal seams, is a significant step in the UK company’s plans to be a leader in the global market for liquefied natural gas.

The cash offer of A$14.70 a share, or an equity value of A$12.9bn, looks rich: a 50 per cent premium to Origin’s 20-day average price before the offer, representing a forward price/earnings ratio of about 29 times. But up to half of Origin’s value is in assets where peak profits are still several years away: Australia’s biggest coal-seam gas reserves. And the price will probably be defrayed by disposals – Origin’s domestic gas supply unit, for example, could fetch an enterprise value of about A$3bn.