otto energy bhp joint venture, page-17

I can't see how OEL could not have announced the deal. An agreement to do market sensitive business was reached with another party. It may or may not be legally binding but the intent is there.

I also cannot see that once the conditions have been met that it is "merely a case of formalising the deal". I can't believe there is a one size fits all farm in contract. Therefore a one off contract has to be drawn up. This could bounce between each company and their lawyers for some time whilst clauses are added and changed. It's distinctly possible there are some sticking points, in which case there's not really anything Otto can say at the moment.

If BHP wishes to pull out of the deal, or change the basics of the heads of agreement, then that information should be released to the market.

So until I hear anything, I'd ignore what was probably a hopeful time line and assume that everytning is progressing in the right direction. Mind you, that doesn't mean I don't think it can go belly up.