royalty claim dispute, page-18

From the Royalty agreement

"the Well Head Value will be the gross value in Aust Currency of the Petroleum at the well head....for the purpose of the calculation of the State Royalty"..

and

From the Dept of Mines

"Gross value - value of petroleum recovered, generally the arms length sales plus the change in petroleum inventories"

As for the depth of pocket competition, note Fitzroy have recently agreed to build up their cash reserves to over $13 million, more than enough for a full blown joust in my opinion.

Finally recall that Holmes a'Court once remarked that anyone who underestimates Sir Ron Brierley does so at their own risk.