From what I've read in recent OGX Anns, in the current OGX managment team's view
there is not a "current legal contract" for an Anglo JV;
and given that our current chairman is a Sydney barrister, their view should be a well informed one.
The OGX announcement of 5th March 2018 included this:
The [Antena and Xupé ] tenements form part of the proposed 70/30 MOU JV with AngloGold that is currently under discussion.
In general Australian business usage, an MOU [Memorandum of Understanding] is normally something done before drawing up a full contract.
Some terms of an MOU may be binding, depending on how they were written,
AND provided the MOU has been executed/signed by both parties [simplifying slightly here].
From the OGX 5th March Ann, this does not seem to have reached the stage of a completed MOU
- it is only a proposed MOU
&
- it is currently under discussion.
Yes, there is the matter of a $3 million amount from Anglo described last year as a "prepayment",
and yes, we would all like full clarity of the Anglo relationship,
however, realistically that all will take time to sort out.
The current management has done a great job rescuing OGX from the brink of death
and some of the messy situations left by the previous management
(when OGX was thought to be in its death throes)
will take a while to resolve.
IMOO,
All the best,
T
[P.S. This is not a legal opinion]
