I understand that they have committed to the 9.7% of Advent...

I understand that they have committed to the 9.7% of Advent Energy but they will end up committing to the 19.4% as Advent will need all the money to carryout the drill work.

It would have been better for BPH to just commit to the 9.7% and have the option for the balance after the drill has occurred as the option is at 50 cents per advent share.
Breeze was probably hoping Parento could have raised the balance of capital required but it appears not to be.

With BPH's money and the $7 million from Talbot I understand that they have just enough.

Parento are probably waiting for the first drill before they raise the required capital to proceed further.

BPH will probably sit on all the cash (earning valuable interest) until the last moment went handover is required.

At the moment BPH will have 19.4% of Advent and are capitalised at $14 million. Strike gas/oil and you can see that this could end up in the dollars.

Breeze is a smart cookie and the issue of those options with a 20 cent strike price by 31 May, 2010 to me expresses confidence that we will be well progressed in the next couple of months otherwise the whole exercise is a waste of time. And why would they bother wasting everybodys time including their own. I figure that after the exercise of the Advent options that BPH will have next to no cash. They will need those 20 cent options exercised because after the supposed spinoffs they will end up being just a shell if Pep 11 is a duster.

The whole company has been bet on Pep 11.