OBL have 30 days from receipt of notice to accept.
The OXX deal should settle quickly once grant is confirmed.
BRU don't have any rights re the OXX deal, OBL are contesting the purchase of OBL's JV partners interest (Backreef Oil P/L) by BRU due to OBL's claim that they have a pre-emptive rights agreement with Backreef.
I notice some interest coming back into OXX, I think they are in the driving seat as if pre-emptive rights confirmed, (quite likely I'd think) then OBL have to stoomp up more cash which they don't have. They could either on sell to BRU (which defeats the point of contesting) or do a deal with 'bags of cash' Albers to take half each. That leaves OBL with 50% and OXX with 50%. Octanex reruns their usual shoot 3d then market plan to bring in a major (or BRU cheques their way in). Interesting that the latest BRU pres shows the Derby block as part of their gnd. Just a tad presumptuous?
OBL Price at posting:
1.9¢ Sentiment: None Disclosure: Held
