re-read the oil and gas review article dated apr 2011 on obl's...

re-read the oil and gas review article dated apr 2011 on obl's website - very good read.

if obl declare backreef as a discovery then the buy back-in option is open to bru for 90 days - they have to pay 90% of all drill and clean up costs (circa $4m in cash) to OBL to earn a 30% stake. all going to plan, such an outcome will allow obl to retain most, if not all, of the remaining 70% and be nicely cash up to re-enter the same hole (via frac?) at much lower costs relative to first drill costs.

not to mention the large $$ to be earned by off-loading the carnarvon acerage/find...

patience will be rewarded with this one - if the $4m comes via bru option, it will be very interesting to see where sp is by sep/oct as this stock has not been diluted over the last 6 years via countless capital raisings unlike a lot of its peers.

happy days ahead imho.