petromin option

Thought this was worth a thread on it's own - would like to use the collective wisdom here to better understand the Petromin option.

My understanding is that Petromin needs to pay MGO for all exploration and development costs to date i.e $100 - 150 M in return for a 30% equity stake in the Yanderra Project.

Petromin have the option to do this once the DFS, MDC, FIC are complete - see announcement Sept 2011. So the project is pretty much de-risked for Petromin at that point. What is not clear is when Petromin's option expires.

In his preso last week Les was pretty clear they are in or they are out but not sure what the expiry trigger for the option is once the above milestones are reached.

Would welcome people's thoughts on the option and the implications for MGO of Petromin exercising that option.