Cloak -LOIs are commonly issued as a precursor to a formal binding agreement. BHP would certainly not issue one with the intention of walking from it. What would be the point. As I have said previously BHP have acted responsibly in this matter and will do what's required contractually. Business trust is important to them. There will be no shortage of interested parties including majors. They don't often get such well developed good quality drill ready prospects available and OTTO should have no trouble getting favorable terms. The fact that they have funding to get the early planning moving is a huge bonus in achieving the necessary timeline. It also puts them in a strong position for farmout negotiations.
great news, page-22
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