Ann: BPO clarification on comments by Otto Energy, page-3

re: Ann: BPO: BPO clarification on comments b... Looks to me that OEL have a 33% interest in SC55 HOWEVER, BPO are claiming the right to buy back into the area if they want to under certain conditions.

If the well is successful they will certainly put up their money.

What is not clear is if they buy back 5% of BHP's interest and 5% of OEL's interest or if they buy back out of OEL's interest leaving OEL with 28% of the lease.

This situation will only arise if the first well is a success and in that event we will all be so excited we will not be too concerned about BPO paying for their share of the well and claiming 5%.

Anyone clear this up better than my effort?

Cheers all,