Is it therefore fair to assume that the company is just gearing itself to start on the Australian project in order to fulfill some roadblocks within its agreement ? or it may risk losing some of the rights granted. As you mention, the negotiations took a long time and I fear any more delays may risk components of the entire agreement with the Australians. They have to show activity and results.

Now the question is where will they get the money to fund the expenses associated ? I am assuming it is directly linked to the success of Mako from which the funding will be raised. Without any success of Mako there is practically no chance of the australian project taking off. So we are therefore preparing ourselves on the assumption that Exxon will deliver some good news shortly. Or maybe a possible farm-in with big brother may solve the head-ache. Fund raising is so scarce in these markets that I fear Bruner will not be succesful in his road trips this time.

That the market is not valuing the SP with the australian assets sounds normal to me as the sole determinant for Falcon right now remains the success at Mako. PHUN is nearly dead and buried IMO. We are really in the same situation.