OBL current market cap 18 million.OBL have rights to 50% of...

OBL current market cap 18 million.

OBL have rights to 50% of Derby Block and are the operator with joint venture rights to the other 50% if backreef can not afford costs and wants to sell, OBL must be given the chance to buy..It seems BRU and FMG have come up with what the market price of 50% is. Ie 4 million.

BRU with a market cap of 640 million are interested in Derby block
FMG with a market cap of 14.7 billion are interested in Derby block
Super majors of the BHP and Shell ilk with market caps of 120 billion plus are interested in the Derby block.

Obl has 3 other assets. The recent announcement on Cyrano could value that alone at 10 million plus.

I called backreef oil and had a chat at the time they made an agreement to BRU. Very interesting conversation. All I will say is OBL have done all the work including native title and geological data work and paid for it for the Derby block.This work needs to be done under the terms of the permit. To break your joint venture agreement and make an unauthorized transaction with BRU is negligent under the terms of the JV agreement. This is between Backreef and OBL. I see this as a get out for backreef not to be sued by OBL and get 4 million from OBL instead of BRU. How it gets awarded I think is up to the WA Department of Mining and Petroleum. I see it going in OBL's favour. Ie JV agreement is subsequent to BRU agreement. OBL have done all the work and paid for it ie native title and geological data. Why should Backreef and BRU get a free ride when OBL can farm out to a Super Major and provide competition. Does the WA Govt want BRU to have a monopoly on oil and gas prices in the region.

I called the WA govt a couple of weeks ago and they told me a determination is due by mid January. So we are very close based on that conversation and OBL's announcement.

OBL are on the cusp of getting native title and applying for a permit for 100% of the Derby Block.

Well done management and I hope you place shares with someone who is holding their shares for the farmin with a Super Major. Because when OBL get 100% and native title we are a massive takeover target.

If shareholders think a market cap of 18 million is expensive with what OBL are about to achieve they need their heads read. Right now market cap should be 50 million and over 100 million when awarded. DYOR.

PS For those with conspiracy theories maybe FMG knew OBL were applying for 100% and have pulled out of the deal because they are going to wait (derisk the situation and pay more). FMG takeover OBL because they want all of the asset and control.