I think a new JV, with either a single company or possibly more than one, will be announced within the next 30 days now that the ORRI's have been dealt with. This is seriously big monkey off the back of the Beetaloo property - as these royalties were the cream right off the top and represented a major stumbling block for a new JV.

The Beetaloo property is remote and totally underdeveloped for the type of infrastructure that is present in the Bakken, Eagleford, Marcellus or Haynesville oil and gas areas. Therefore, the costs to build infrastructure of having drilling equipment, crews, crew quarters, powerful fracking pump trucks, fracking fluids, pipelines, water reservoirs, etc. etc. will be considerable and will reduce the overall potential profit from the Beetaloo quite significantly. All of this I think the big oil and gas companies were prepared to deal with, but giving away 12% of the gross revenues before everything else was almost equivalent to the profit that these oil and gas companies would be looking at for such a remote area as the Beetaloo.

Now that the ORRI monkey is off Falcon's back, I think that Philip and John Craven are now in a position to start wrapping up a new JV. I also think that this is one of the main reason's that it has taken this long, as Philip would have had to play hard ball with the ORRI group to get as good of deal as he did.