Exploration licences can be transferred between different parties with Ministerial approval but I agree that whether a Liquidator (who assumes control of all the property and affairs of the company being wound up) could sell the EL by tender is not a clear area to me at least. If anyone was prepared to pay money for it then it might be considered to have an asset value for the amount of exploration funds (or a proportion thereof) that had been expended on it.
Malcolm spoke in the last PR of a "certified asset value" of impressive worth on the basis of unproven oil/gas resources but that may be stretching things somewhat.
Either way the real point is whether Hunt hopes to force payment of its debt from GSLM and if not successful to sink them once and for all.
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