Thanks for all of advice guys – for some reason, altering the setting of the black magic sequence settings to PAL, and not HD has given me a picture on the monitor.
Our project is HD though (720p25), and everytime we set up a sequence using the black magic HD720 settings, we have no playback.
To confirm again – we are using a decklink studio and only use the card for monitoring from premiere (no capture).
Any ideas would be much appreciated!!