From OBL announcement 15 Jan - update on Derby Block
These comments in the above announcement are relevant to what you asked me and how I answered your question.
The Company also advises that on 21 December 2012 it formally advised its joint applicant Backreef Oil Pty Limited (“Backreef”) that in OBL’s opinion Backreef was in breach of its commercial undertakings with OBL in its proposed sale of its 50% application interest and all other rights in the Derby Block to a third party and consequently the Company intends to fully pursue its rights.
OBL has received renewed expressions of interest from oil & gas supermajors for a farm-in to the Derby Block should OBL attain 100% of the permit.
OBL Price at posting:
3.4¢ Sentiment: ST Buy Disclosure: Held
