it is not entirely clear but I would take it to mean that if BRU decided to sell an interest in Yulleroo , then ORG would have the right of first refusal . This right has an expiry date like 6 months or a year. I am not sure if BRU must first get an offer from a third party and then ORG can sort of “preempt “, or if BRU decides to sell without another offer then they must first offer it to ORG . This is more likely and leaves the price to be negotiated at the time. If I was ORG I would wait until the two exploration wells had been drilled so I could take a look in the Laurel formation on the way down and between now and then be formulating a gas sales plan. Any way you look at this, it is good for BRU. Can somebody remind me if they have a rig in mind or agreed on ?
BRU Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
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