Ouch. I happened to get out the other day (at a small profit) to...

Ouch. I happened to get out the other day (at a small profit) to buy more BRU at $2.21 as I figured a final deal announcement wouldn't give it much of a bump and it was safe to be out for a while. Turns out to be a lucky coincidence. It's a shame as the terms were pretty good for OBL. I still believe LT OBL are likely to be a good entry into the Laurel, they just have to find a way to make it happen. I guess it's a bit harder now the FMG deal has fallen through, but the more work BRU does on it should mean someone will come along.. hopefully leaving OBL 25% again. I guess at this point it's about looking for an entry for that. Maybe on CR, maybe after any native title bounce, maybe later in the year.

Normally I'd discount the legal action (like with REY) however OBL are a bit too clever for their own good. Although I doubt they'll get 100% of Derby I wouldn't be totally shocked if they managed to pull something off. Of course it would be screwing BRU over for the second time which given they will be the biggest player there, no doubt at least temporarily part owning any pipeline built in the region isn't a good idea. Then again a Conoco farming in for 75% or whatever would probably take any sting out of that.

Need to see how things play out to look for entry point....