png progress

The approval process for the development of Stanley in PRL 4 is slowly progressing. It appears to have received approval from the Environmental Dept.and now goes to the Petroleum and Treasury Departments next.

http://www.pngindustrynews.net/storyview.asp?storyid=798530591§ionsource=s0

Eaglewood Energy have updated their Corporate Presentation overnight. Reading some of it you would think you were reading a presentation from HZN.It is very informative.

I was disappointed to see PPL259 included in the initial farmout to Osaka. I would have preferred for HZN to have got some drilling value from this block first before farming any out. My hope now is that Eaglewood is prepared to farmout another 15% or 20% to HZN before drilling starts as the other proposed JV partner did not come through with the money.

http://www.eaglewoodenergy.ca/investors/documents/EaglewoodEnergy_CorporatePresentation.pdf

Some posters have been commenting about the realignment price re the Convertible Notes and how this could be holding down the current share price. I note there is $80 million in Notes. Is there a possibility that HZN could use the Osaka cash of $74 million to pay out the Notes?