BoysyAsk yourself. Would BRU be making a generous offer to...

Boysy

Ask yourself. Would BRU be making a generous offer to Backreef Oil Pty Ltd (50%) who is strapped for cash? No.
Did BRU draw maps of the Laurel formation going into the Derby block from their discoveries? Yes it is in their presentations.

Do BRU think it is worth much more? Yes.

How much more? Who knows.

Now BRU, FMG and OXX have put a cheap price on the Derby asset.

If OBL have preemptive rights. It looks like they can pick up the 50% at a maximum price of what the others have paid.

OR If Backreef oil has breached their JV agreement, maybe OBL can pick up the asset for NIL. Have Backreef oil paid for 50% of the costs under JV agreement? Probable answer is no.

Why did they sell to BRU? Desperate for money and probably didn't want to lose the block under the JV agreement.

I am not a solicitor, but I bet my bottom dollar that the JV agreement OBL drew up with Backreef would be specific and enforcable.

OBL recently went to 10c without native title and when having 50% of the Derby and no FMG. What will it go to when they pick up 75% and have Native title and super majors knocking on the door.

Having 25% and operator and native title is still a great result. At least 5c a share.

75% will be a bonus. If OBL can get 50% for the same price as BRU or for Nil do you think that would be a good result for OBL shareholders. Will of Neil done a good job?

This Native Title decision could be a land mark decision. This claim was put to the top of the pile and I have heard comments from the government reps that OBL have a great team who are on the ball.

So lets wait and see because no other company could have done what OBL have done in relation to this.

I fully support Neils efforts and they will be worth every cent if native title is granted.