How long they have had it for is irrelevant. Their focus for a...

How long they have had it for is irrelevant.
Their focus for a while was on Marcellus until fracking was banned in NY.
To my knowledge they started work on NT in the last 2-3 years obtaining necessary land owners approval and a farm-out with an American company until the unfortunate death of its owner. This was not worth nothing.

"In December 2015 the Company announced the signing of the Agreement between Imperial Oil & Gas Pty Ltd (“Imperial”), a 100% owned subsidiary of the Company and AEGP, an affiliate of American Energy Partners LP (“AELP”) for the farm-out and development of the Company’s Northern Territory petroleum tenements. AEGP has the right to acquire up to an 80% interest in Imperial’s 14.6 million acres in the McArthur Basin by spending US$60 million over a 3 year period. Imperial will be paid US$7.5 million at closing and a further US$7.5 million subject to defined benchmarks being achieved."

They are now trying to find another farm-out partner.
Then came the fracking moratorium which put everything on hold.
I also believe there are other major players waiting for the fracking decision by the NT government.
Regardless, as I said this is a gamble. A gamble on the fracking decision where news seems to be positive at the moment. A positive result will see an increase in SP. After that there are a few options the company can take which could also see upside in the SP.

But then again the current buyers might think they are going to buy into the Catcha bitcoin (a few might get that).

Like any explorer, it is a high risk play.

DYOR and GLTAH