sitting duck

After the grant OBL will be a sitting duck for a takeover.

Why? Market cap OBL 12 million and Buru 600 million and the independent reports confirming resources.

All company operated assets are independently assessed and in accordance with strict SPE PRMS (2011) guidelines updated in 2013 for USG (fully compliant with ASX practice guidelines which commenced 1 July 2013). OBL's independent expert assessments on both Canning assets were performed by 3D-Geo Pty Ltd who were previously commissioned by the WA DMP to redo the previous independent (basin study) assessment of the entire Canning Basin. This assessment uses the relevant DMP data that comprises the entire Fitzroy Trough that comprises the latest 3D-Geo database & incorporates reworked petrophysics in modern CPX of the 3 wells on the permit and 12 relevant offset wells/seismic over all nearby permits.

Speculator101 you may chuckle but these are the numbers. These numbers have gone to interested parties who have signed off on these numbers when doing their due diligence.

Backreef Area
PRMS Prospective Resources
Product P90 P50 P10 Mean
Oil-in-Place MM bbl 3,063 6,645 12,333 7,302
Recoverable Oil MM bbl 139 391 1,008 510
Recoverable Solution Gas Bcf 119 370 1,073 517

Derby Block USG / USO
PRMS Prospective Resources
Product P90 P50 P10 Mean
Gas In-Place Tcf 31.8 107.4 357.8 164.7
Recoverable Gas Tcf 4.8 18.7 68.8 31.2
Recoverable Condensate MMstb 117.4 461.9 1,785.0 801.7