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Ann: Operations Update, page-162

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16/07/22

09:56

Post #: 62565262
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Originally posted by sinkers: ↑

Went back to the farmout agreement announcement and it gave me great comfort:

2.3. Contingent Carry Obligations

a) Origin to pay the first $4 million towards a 3D seismic survey over the Rafael Prospect wit
hin EP428 should the survey be agreed to be acquired after the drilling of the Rafael 1 well.

b) Origin has the option, to be exercised by an agreed date, to retain its 50% interest in EP129 by agreeing to drill a well with a carry of $6 million towards the costs of drilling that well. Alternatively, Origin may reduce its interest in EP129 to 20% after the option exercise date (by assigning 30% to Buru for $1) and with no remaining carry obligation towards any well. Origin may also decide to withdraw from EP129 at any time prior to or upon the option exercise date and re-assign its 50% interest to Buru for $1.

c) Origin has the option, to be exercised by an agreed date, to retain its 50% interest in EP431 by agreeing to drill a well with a carry of $4 million towards the costs of drilling that well. Alternatively, Origin may reduce its interest in EP431 to 20% after the option exercise date (by assigning 30% to Buru for $1) and with no remaining carry obligation towards any well. Origin may also decide to withdraw from EP431 at any time prior to or upon the option exercise date and re-assign its 50% interest to Buru for $1.

Tick tock ORG... would love for you to have to give us back 30% or 50% of Rafa for $1!

Expand

I am not sure I get any comfort from that.
What is the agreed exercise date ?
You can be sure that ORG will not be giving up any of Raffa for a dollar.
If they wanted to get out, they would simply maintain their interest by fulfilling their carry obligations , then selling the interest .

BRU Price at posting: 13.0¢ Sentiment: Sell Disclosure: Not Held
1 Upvote

0 Great analysis

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Ann: Operations Update, page-162

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Ann: Operations Update, page-162

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