Ann: BYE: Lease Sale 250 Results and SM71 Update, page-55

@boysy1 - Absolutely sensational news - thanks for that! I'm not hugely confident of farm ins here; but regardless we have been granted VR232. All other noise aside the BOEM considered that this block was worth FOUR TIMES as much as the other blocks. That cannot be a bad thing. Looking forward to BYE updating the market with current internal resource estimates. One would think that the gag is off, so to speak, for both BYE and OEL. The true test for OEL will be in what deals it can land outside of this JV, assuming things aren't super amicable between the parties.

As you say, hopefully there are immediate plans to drill. The bank balance should be looking healthy - and capital expenditure on Biv Peak and potentially the convertible note - is a decent way off still. No real excuses.