From the lease sale ann on in late march the bit in bold i find...

From the lease sale ann on in late march the bit in bold i find interesting clearly they have identified a number of prospects in these blocks, BOEM needs to make a call either way prior to the 20 June 2018 (being 90 days from the announcement). Lets hope both companies move quickly to book a rig assuming VR232 is awarded to BYE/OEL JV .....

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Three of the Lease Sale 250 blocks, VR232, VR 251, and SM70, are adjacent to the Byron operated South Marsh Island Block 71 (“SM 71”) discovery and upon award, will substantially increase Byron’s footprint in the South Marsh Island 73 Field. Byron evaluated these blocks with the same high-quality Reverse Time Migrated 3D seismic data and proprietary Inversion processed seismic data used in the discovery of oil and gas at SM71 in 2016. Byron also holds 100% working interests under primary term leases on SM57, 59 and 74.

Byron was high bidder for VR232 at OCS Lease Sale 247 one-year ago, but the bid was rejected by BOEM. An appeal was filed in July 2017 and the Company was informed the appeal had been denied in January 2018. Byron’s bid represents the value placed on the block by BOEM. Pursuant to the Participation Agreement, effective 1 December 2015, between Byron Energy Inc, and Otto Energy (Louisiana) LLC (“Otto”), a wholly owned subsidiary of Otto Energy Limited (ASX: OEL), Otto has the right to participate for a fifty percent (50%) interest in VR232, or SM74 if Byron’s bid is rejected by BOEM. Under that agreement, Otto must pay an amount equal to a gross one hundred thirty-three percent (133%) of Otto’s fifty percent (50%) interest share of lease acquisition costs plus a gross fifty percent (50%) of other past costs paid by Byron. Upon the award of VR232, Otto will have no further rights to participate in any blocks or projects under the December 2015 Participation Agreement.