latest report, page-7

It looks like OBL were to farm in at some stage. This is from a 2007 report (on Google)


VIC/P41 JOINT VENTURE, GIPPSLAND BASIN
ACTIVITIES UPDATE
MAY 2007
The Vic/P41 Joint Venture consists of:
Bass Strait Oil Company Ltd (ASX code: BAS) 45% and Operator
Moby Oil & Gas Limited (ASX code: MOG) 30% (reducing to 25% subject to farmin by OBL)
Eagle Bay Resources NL (ASX code: EBR) 25% (reducing to 17.5% subject to farmin by OBL)
Oil Basins Limited (ASX code: OBL) 12.5% (subject to farmouts by MOG and EBR)

Most current reports still show SER 25% diluting to 17.5% but don't say who they are diluting to.
In any case when a farmin partner is found we can expect quite some reduction in % holdings. You would think a partner would want a minimum of 51% to fund the cost of drilling in this area.
I don't know all the previous conditions without having read back over all the reports. Perhaps the bigger holders will have to give up a greater %.

Meanwhile the nickel drilling at Falcon Bridge is due to start any time and surely a Uley announcement is due??
With each of the recent announcements I must admit i feel that management are moving all projects forward which I find very encouraging.
Cheers
fc