Looks like OBL and REY will have 50% each of the Derby block and REY pay BOPL debt.
It was not worth REY paying any of BOPL costs if SAT was going to kick BOPL off the block.
Worth the 100K for OBL to try and get the other 50%? Bad legal advice?
OBL and REY will need to now do a JV agreement and is a good thing that this ownership issue is now out of the way.
Would of been nice to get 100%, but nothing has changed OBL still have 50% and are the operator.
The SAT decision has not slowed down the work program on the Derby block. OBL have been paying 100% and this just means REY will pay the debts now and no more court actions.
A market cap of less than 5 million is still crazy considering the partnership going forward and clean air.
OBL Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
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