I think that the PNG situation is not as much of a risk as it is all off shore at this stage. Providing Blue meet their obligations for seismic, I am sure they can hang onto them.
From memory, I think they were aiming for a farmin or the like by the end of the year. Not sure if they pushed this to 2010 or not; so their could still be news coming.
I remember from way back that I think they were still trying to grab the shallow offshore permit that would link all five permits together. Some pretty serious acreage that is a sleeper for them. I think it is the right thing to do to get someone else who is keen to use their capital to explore this as clearly right now they are busy trying to focus on their main game.
Cheers,
SF
BUL Price at posting:
24.0¢ Sentiment: ST Buy Disclosure: Held
