I posted this on the MMR thread the other day - though still...

I posted this on the MMR thread the other day - though still relevant to BPH.

Your correct. The permit expires. They have to renew. Will they be successful, time wil tell. No reason for them not to. I have always stated the next well would not be until end 2013 (for reasons stated in previous posts). BUY stated 2013 but DB has been quick to say that that is incorrect. I got the impression DB is still / will be heavily spruking other drill sites for Pep 11 by the end of the year. There appears to be / ongoing research into the palentolgical profile of the Pep 11 well and the contiuned belief there is gas in the anticline/ syncline (I always get these two confused). Further seismics will have to undertaken at some stage.

Focus is being shifited to Advent's other permits, with reference being made to the Govt's 40 mill expenditure on capital works / road infrastructure which is approx 25 km from proposed onshore wells. I'm not to fussed on their other leases.

Any further purchase will be based purely on Pep11 - for the simple fact that their cash position is strong, expenditure and burn rates are low, a very very strong possibilty of the granting of lease extension and the fact whether it is 1-4 years, MMR's share will go north in a significant way.

In saying all this though, I do suspect MMR will fall back to 5 cents over the next couple of months which is where my buy order will be.