Ann: LOI Executed for Canning Basin Drilling Campaign, page-26

Oh yes, it did say that, thanks, godz, I did read that but the weekend’s a long time and I was preoccupied with the women’s modern pentathlon at the time I posted.

You or anyone tell me exactly how the following bit works:

In the event of a Commercial Discovery and Sabre not having acquired an interest in the Permit as part of any subsequent transaction, Buru agrees to grant Sabre a first ranking charge over its 100% shareholding in Buru Canning until the grant of a Rafael Shallow production licence (Title Security). The Title Security is subject to provisions that allow the Buru Parties to freely farm-out part

first ranking charge ?