principal place of business , page-14

Yeah I thought so ;)

In oil exploration a smaller company farms out to a larger one that most often does the drilling and assumes operatorship given their monetary and experience input.

Operatorship is almost entirely irrelevent against the interest in the discovery as a valuation component. Why would I want KEY to be operator on Cyrene? BRU has all the experience drilling in the Canning, is providing the most of the money and won't try and do it on the cheap risking results.
It's largely how the industry works with small caps... Not sure what the problem is here, every other small cap oiler out there STRIVES to be in the position where the farminee spuds the drill for them - welcome to oil exploration!