LGO has stated it holds 22% of Brisbane Petroleum which in turn...

LGO has stated it holds 22% of Brisbane Petroleum which in turn it says holds 50% of PL-18 and the YC oilfield.

EPE however states that it will hold 85% of YC-4 until payout and 50% thereafter, with Brisbane Pet. and Delbaere Associates each then holding 25% each.

So who is right? Or is LGO's 50% figure for Brisbane Pet. strictly still valid until EPE has earned its interest by completing the drilling of YC-4 when the 25% figure will then apply?

I quit my small stake in LGO this morning, still holding some EPEO.

And for LGO holders who missed my EPE post earlier, here's part of it:

"YC-4 is a development well on a producing field for which the original oil-in-place was est. at 3.6 to 6.8 million barrels (which would correspond to a lot less than the 5mmbbls of recoverable oil mentioned frequently in several posts)

There is another proven oilfield in PL 18 called Thomby Creek which BUY was going to farm into at one stage. From BUY's 2003 Annual Report (on page 13) I read that Thomby Creek was estimated to have 2.5mmbbls of OIP of which 3% had been produced and that another 300,000 barrels should be recoverable.

Therefore it was expected that 85% of the original OIP was not recoverable."

Cheers