It isn’t quite obsidian, but closely related. According to Mr.Empey’s article, it is actually Perlite, a volcanic glass similar to obsidian but it has a higher water content and it is not quite as dense as obsidian. Those beautiful little “peanuts” are spherulites (spherical bodies that generally occur in glassy rocks and frequently have radiating structures like you see in this closeup).
Ed has a few pieces set aside to eventually cut, but he is considering stabilizing them first. He has been more of a purist, preferring to not use any kind of glue or stabilizers but just the natural stone in his creations. The material can apparently be brittle, have fractures and the little “peanuts” can separate from the perlite. So if you are lucky enough to have some of this rare material, and with the stunning potential of a finished cabochon or polished slab, I would certainly recommend stabilizing it first so the amazing creation you have in mind doesn’t just crumble in your hands! There are several techniques that can be found to stabilize a stone before cutting it, including one described in the earlier-referenced Rock & Gem article. I won’t go into those here, but if you’re desperate, reach out and I can forward some tips.