I agree with you that this announcement is largely immaterial as there was no real prospect of the Galilee being developed in the medium term.
An investment in BLU is essentially an investment in their Bowen Basin assets. I however remain far more pessimistic around your last sentence. Is the current testing going to deliver an upgrade or is it a $20M black hole? The longer the company goes without providing meaningful information or updates the more I am convinced that it will not achieve the main objectives and further testing and $ will be required.
Ann: Galilee Basin Potential Commercial Area Decision by Qld Govt, page-41
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