Ann: Derby Block Update & Backreef Oil, page-44

Incorrect. "It appears" OBL may have got OXX on the hook for "first year" costs (maybe another $1M). Since neither company announced this at the time and it only "appears" that OBL have engineered it that way, I'd be concerned OBL think they've snuck one past OXX somewhere in the terms and will take them to court like they have every single Canning Basin partner so far.
Given OXX was legally obliged to release that information to their shareholders if they were aware of it, if I were a holder in either company I'd probably give OXX a ring to see if they know they might be on the hook for another mill considering almost no OXX holders would likely be aware of it. (assuming 25% of first year costs is a quarter of the seismic and not the flora and fauna survey recently completed in the literal "first year")
It doesn't substantially change my post either, just takes the small amount from almost $2M to almost $3M. My juxtaposition of the two lines works either way.