It seems to me based on recent announcements that MGV is...

It seems to me based on recent announcements that MGV is committed to trying to develop their own stand alone project at Cue - rather than develop BOD/Lena with WGX, this has now lapsed and MGV is drilling Lake Austin North to try and identify a large resource that they can develop in conjunction with BOD/Lena as a stand alone project. They are also taking on more ground at Cue to complement this strategy (this ground appears very prospective by the way, based on the recent announcement). Good luck to MGV, it is a higher risk strategy than developing with WGX however if they are successful the returns will be much higher. Thinking aloud, I'd conclude that Rob Waugh must have confidence in this stand alone strategy i.e. confidence in Lake Austin's potential - if he didn't you would expect that (i) he would have chased the WGX toll arrangement much more aggressively and (ii) he wouldn't have recently bought shares on market.