Ann: Derby Block Update & Backreef Oil, page-34

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  1. 2,429 Posts.
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    OXX took advantage of OBL's situation just as Buru and now REY have/have tried to take advantage of BOPL's situation. There is no way to spin the OXX 25% as anything other than a firesale for cash and an attempt at a blocking stake/deal after FMG fell through.
    I think if OBL knew they wouldn't be getting the cash until next year they are unlikely to have done the deal way back then. They've bled out from a death of a thousand Lind papercuts and made it this far without the money and they could have had their full 50% to play with as well instead of only having 25% and getting litigious for more. Not only that it hasn't stopped them having to go to court and fight for control so it hasn't worked to keep Buru and REY at bay.
    If there was anything materially significant in the terms they would have been disclosed rather than just being "good terms BOPL should take". There is no secret sauce in the terms that is materially significant, probably just OXX money covering the costs so far and BOPL getting to keep 37.5% which OBL considered "beneficial".

    I don't currently hold any OBL although I do think it's a pretty speculative buy at half a cent. But from these levels BRU is just as likely to double as well when they get back to work next year with less risk.
    Last edited by bhutos: 03/12/14
 
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