"L1 & L2 expired over 3 years ago and it is unclear to CERCG if...

"L1 & L2 expired over 3 years ago and it is unclear to CERCG if this is due to native title, environmental or government changes to terms and conditions, and as such CERCG does not intend to proceed unless it is comfortable that L1 & L2 will be renewed on terms not materially worse than the terms of the expired L1 & L2"

The renewal issue above looks like a storm in a teacup.

For those that are interested, the WA Government's Petroleum Title site has the status and details on L1 and L2:

https://pgr.dmp.wa.gov.au/PGR/Default.aspx
[type in AWE PERTH PTY LTD at the 'Enter Keywords' box, then hit Enter] Note: it will go over 2 pages

Then click on either L1 or L2 and it will take you to the respective pages.

At the top is a menu, I recommend you check out specifically 'Endorsements' and 'Annual Fees'.

The endorsements include the 'Environmental Registrations' at the bottom half of the screen. For the Environment Plan, it is waiting on requested information from the Operator.

The annual fees are all up-to-date (Year 2017 was paid 19/5/2017)!

Cheers

These are only my random thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional expert