Ann: Quarterly Activities Report and Appendix 5B, page-22

Without addressing anyone in particular, I think the narrative over the last six months goes something like this:
Yes, a potential strategic partner has been found.
SP, possibly through Barrenjoey, says to NRZ "yeah, we are interested, but it's not a goer until you can show us there are no outstanding regulatory hurdles, such as EPBC Act Protected Matters".
And NRZ says, "No worries, mate, just a box tick. Have it done in a couple of weeks".
So they throw a heap of data at DCCEEW through the Portal, expecting it to be just a formality, and DCCEEW says "not so fast, guys. How about this complication. Oh, and this one doesn't wash either. You'll have to do better with your information than that."
And the rest is history. Potential SP waiting, waiting, probably losing patience by now. NRZ's spending doesn't stop, just slows down as a scaled back workforce tries to satisfy DCCEEW's requests for information. Delay - cap raise - delay - cap raise etc.
Still no decision.
I guess, Mr Short, we may well find out eventually whether Coal Seam Gas extraction includes Underground Coal Gasification, or not. You and I disagree on this point, as you no doubt remember.