info, page-4

they take a 20% stake after the first stage of the farm-in and can then take it to 50% if they proceed with a second stage
plus they own just less than 10% of the private company that has the rest of the permits.

see my write-up below:

On 23 August 2010 ASX listed minnow Ormil Energy (formerly
Golden Tiger Mining) appointed Tom Fontaine as MD of
the company. Mr Fontaine was a founding director of Pure
Energy Resources and Bounty Oil and Gas, and was one
of the largest shareholders of Pure when BG Group bought
the company for $1b. Mr Fontaine also became one of the
largest shareholders of Ormil, with 15.8m shares, or 8.5%
of the company. On 24 August Ormil announced that it was
farming-in to three petroleum tenements and the gas rights
for a number of coal mining tenements in the Sydney Basin
held by public unlisted company Apex Energy NL, in which
Ormil owns a 9.5% stake. Under the farm-in agreement Ormil
will earn a 20% interest in the tenements and gas rights by
paying Apex $0.75m in cash and $1m in shares upfront and
then funding $3.2m of exploration in two phases. Ormil will
also have the right to increase its interest in the tenements and
rights to 50% by funding a further $7m work program. Ormil
will be the operator of the exploration programs.

cheers
s369