good news, page-11

Vinnie,

They didn't have any interest in the NSW stuff yet, they still had to spend more money to get complete that transaction. Same way in if Senex doesn't spend another dime, they will lose the initial %. The NSW stuff is still 100% owned by Leichart as Planet hadn't completed the farmin commitments.

So they have decided not to throw more good money after bad. Not sure how much more it would have cost them to actually get the farmin completed, but I don't think it was a great deal for PGS in the first place, price wise.