postlapsarian,In reality, greenfields exploration is something...

postlapsarian,

In reality, greenfields exploration is something that companies like BG are very uncomfortable with. They are much more comfortable acquiring reserves and exploiting them, not doing wildcat drills in the centre of Australia. If it wasn't for the fact that they inherited PXA they certainly wouldn't be in this JV at this early stage.

When this resource is proved up, they can always come back and buy the whole company rather than continue on as an outvoted junior JV partner to an oil exploration minnow - another thing that they would dislike intensely about this situation.

Cheers

Badfish