Stja, you know something, you're probably pretty close to the...

Stja, you know something, you're probably pretty close to the mark there. Remember how GUF went into a TH a few months back, while CAP remained trading. Regardless of the fact that the TH was useless, it demonstrates that there is a bit of a void in communication between the two companies. I won't be making any excuses for CAP not selling the Hughenden story more, but in one sense this is understandable because CAP is not in partnership with GUF as much as it is investing in whatever GUF makes of the land (see contract agreements from late 2009 announcement). Now this was echoed when I spoke with Nick a while back, who stressed that the project was not a JV, but a 20% investment by CAP into the land. Perhaps this is why we hear so little about it; a real lack of communication between the two parties? Funny that. 'Lack of communication' seems to be a fairly common theme with all things CAP right now.

By the way, prior to the agreement with GUF, CAP had what seems to be a working interest in around 250kHa of Galilee/Eromanga Basin acreage, but some of this land was as much as 150km further to the west than the targeted JORC area at the moment (EPC1477). So, yes, we've lost a bit of land overall (~30kHa) out of the whole thing, but work is being conducted in areas closer to the Galilee HUB (for want of better words) so in a sense we could say that the whole thing balances out because we will be closer to critical infrastructure.

Thanks for the heads up on the GUF news r36. It seems as though they are really pushing to make up for lost time up there. The EIS will be eagerly awaited by many given how stringent the QLD Govt is on all things environmental. That scoping study will make for good reading as well when it is finally completed. If we can get an estimate on figures such as production targets and capital requirements, this will only serve to paint a clearer picture for the future of Hughenden.