re: further upgrades to reserves paperclip is correct. BPT have...

re: further upgrades to reserves paperclip is correct. BPT have the right to buy an additional 12.5% share of the BMG project at the expense of AZA's holding in the project which must be exercised before 15 December 2005.

However, BPT also own 10% of AZA. So if BPT exercise their option over the additional 12.5%. BPT will have 50% plus 10% of AZA's 50% giving BPT 55% exposure to the BMG project.

It appears to be the prevailing opinion that BPT will take their additional 12.5% option. Apparently, when BPT took their previous option over additional exposure to BMG, AZA's price dropped somewhat. However, for pure leverage to further BMG success, AZA is the better play. For the more risk adverse, BPT offers good exposure plus the safety of it's other production and exploration assets.