ann arq obl backreef agreement, page-6

2 Rig options available and from what I understand now sign offs completed from the 30 May meeting allowing OBL/BOL to finalise contracting one of these Rigs.

Significant progress on farmins also from what I gather, and not suprisingly given the attractiveness and size of this prospect, and current oil prices and WA gas prices.

The legal stuff not that complicated - OBL can in any case simply claim force majuere and present all sole risk funds (1.5 mill + gst)by 31 Augustwhich will 100% satisfy OBL completing the farmin and we are then on Title and no longer treated 2nd. Class by Arc.

1.5 million and 35% of possible 270 million barrels, they will raise it in a flash.

DYOR