the train has left the station, page-18

Why is it so hard to understand
Quote
„« On 25 March 2010, OBL and Backreef Oil Pty Ltd (¡§Backreef¡¨) entered into a binding Memorandum of Understanding. On 12 July 2011, OBL and Backreef entered into a second binding Memorandum of Understanding. These are herein collectively called ¡§the MOUs¡¨.
„« The MOUs collectively permit OBL to ¡§divide/assign/farmout the highly conditional 5/07-8 EP¡¨ rights covering CSG and USG. Further, OBL is designated operator in respect of CSG and USG for at least 18 months after permit award, and is entitled to continue to ¡§divide/assign/farmout¡¨ ¡V including to industry major and super majors."

Being the designated operator re CSG & USG of the tenament has the agreed right to divide,assign & farmout to any entity they see fit which leaves - after OXX 25% - 50% of 75% which is where the 37.5% came from worst case scenario.

Irrespective of what happens OBL will still have operator status & control.
IMHO