will this farm-in deal proceed?

Highly doubtful that CUE will change their mind at this stage.

I suspect CUE wants to maintain maximum flexibility regarding any gas found given their other proximate interest.

If so, it comes down to the PF
.
The question really is, will the PF walk away if it doesn't get 100%?

The farm-in looks tied to the new LNG JV.
The new LNG JV only becomes relevant if there is a discovery.

The PF has already spend 4 months negotiating terms after due diligence. Obviously there is a belief that this is a highly promising prospect(if they are discussing future steps).

I'm not certain why the PF would walk away if it only had the rights to 85% rather than 100% of any discovery.

Any thoughts?