Ann: Completion of Farmout to Oil Basins Ltd , page-4

re: Ann: MOG: Completion of Farmout to Oil Ba...
Look again. There is a very big difference here - OBL has managed to get 5% of Vic/P41 on title and be a fully fledged member of the JV. No longer merely rights which, if I remember correctly, were going to need some $1.5M to exercise. There appears to be some very, very clever work here. As it was with the Albers Group, it is probably a win-win for both parties. If the Chinese or any other group farmin to Bass Strait then OBL is well placed. Also, there is 7.5% of Vic/P41 yet to be finalised with SER who may well not be very interested in Bass Strait given they are graphite focussed.