once they get 1 mmcf - its game on, page-5

The company has always been about proving the reserves/production capability in order to sell the asset.

In answer to your question I suppose the company is always up for sale, it just depends on how far they want to develop it. One thing for sure, they will be aiming to sell it comfortably before the expiry of the options (Dec 2012). They got caught out last time rushing the sale before their options expired - I doubt they'll let that happen again.

I was initially surprised at their greed asking for so many in the money options, I thought the shares they were issued under the placement was generous enough, but looking at their history, it should not have surprised me at all.

Things must be going fairly well up on the hill for them to come out now with this option grab. They certainly wouldn't have come up with this greedy grab if there was no meaningful production around the corner. Although I hate this sort of grab, especially considering the options are already in the money, it does at least show we can expect some good news soon.