nowhere in that announcement does it specify the option exercise...

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marcrae19

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19/09/22

10:28

Post #: 63768236
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Originally posted by marcrae19: ↑

2.3. Contingent Carry Obligations

a) Origin to pay the first $4 million towards a 3D seismic survey over the Rafael Prospect within EP428 should the survey be agreed to be acquired after the drilling of the Rafael 1 well.

b) Origin has the option, to be exercised by an agreed date, to retain its 50% interest in EP129 by agreeing to drill a well with a carry of $6 million towards the costs of drilling that well. Alternatively, Origin may reduce its interest in EP129 to 20% after the option exercise date (by assigning 30% to Buru for $1) and with no remaining carry obligation towards any well. Origin may also decide to withdraw from EP129 at any time prior to or upon the option exercise date and re-assign its 50% interest to Buru for $1.

c) Origin has the option, to be exercised by an agreed date, to retain its 50% interest in EP431 by agreeing to drill a well with a carry of $4 million towards the costs of drilling that well. Alternatively, Origin may reduce its interest in EP431 to 20% after the option exercise date (by assigning 30% to Buru for $1) and with no remaining carry obligation towards any well. Origin may also decide to withdraw from EP431 at any time prior to or upon the option exercise date and re-assign its 50% interest to Buru for $1.

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nowhere in that announcement does it specify the option exercise date. Just that "Origin has the option, to be exercised by an agreed date,"

Last edited by marcrae19: 19/09/22

BRU Price at posting: 13.0¢ Sentiment: Buy Disclosure: Held
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nowhere in that announcement does it specify the option exercise...

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nowhere in that announcement does it specify the option exercise...

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