kricho
OBL and Backreef oil had a 50/50 JV in the Derby block.
Backreef oil is apparently wanting to sell their 50% to BRU subject to native title.
What OBL are saying I believe is that Backreef oil was oblgated to offer their share to OBL first as certain rights attached to the JV. Of course OBL would have to pay for that.
It's not dissimilar to the REY -Gujurat - BRU deal recently.
Could I recommend you take the time to read Anatol's posts on the REY threads........I found them very enlightening about the Canning and what's going on there.
Seems some companies have been racing ahead acreage grabbing and are discovering it wasn't a good move.
what we do know now is that the Derby block is becoming recognized as a very prospective area, hence BRU wanting to grab 50% of it and other large companies now showing interest.
OBL is a minnow amongst a sea of sharks at the moment.
Good luck mate
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