Green jelly fungus..or Nostoc?

On muddy surface of Black Lake, 1.8km southwest of Lake Goldsmith, 6km north of Skipton on Skipton Road, Victoria, Australia. The lake is empty of water at this time and many native grass spcies have established instead.

Photographed 25 April 2010.

edit: I might have to witjdraw this image if it turns out that its some kind of cyanobacteria eg. Nostoc It's been sent to the Melbourne Botanic Gardens for identification.