Exactly right. Randal knows his shares in GUL will be worth more to him in time than pure cash.
EPC1298 and 1917 lie between BND's Arcturus project.
BND's recent ann (http://imagesignal.comsec.com.au/asxdata/20090807/pdf/00975662.pdf) quotes a "potential joint venture participants, and synergies for dual development with the Company’s adjoining Springsure Creek Project (EPC 891 – Figure 1)."
I'm guessing but I think the recent ann re 80% jv with collin randal is not the 50% jv originally mentioned by GUL..I think there is another deal
One on HGLs EPCs also butts up to GUL + BND. HGL is a major s/h of GUL..let's see if I'm right
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