RoL,
I have no idea how it would be developed to be honest. I would go with proving the field with more drills, RIFT and Austral own their own. Seismics have been completed I believe.
Then a farm out to finance a the gas gathering system and a pipeline to the coast to an LNG plant which I believe the PNG government want to be built. Not to good at the research side of things. Just thinking aloud.
As for other licences there is Puk Puk and RIFT & Austral have applied for other licences. Read above from the RIFT web site.
Have a good evening all,
GD