Ann: Oil and Gas Overriding Royalty Acquisition and Funding, page-19

Jake I can only agree.

Here is another way I view it. They simply have no interest in partaking in further exploration activity in the Cooper Basin after their 'free carry' with SXY runs out. As that will not last long with the upcoming wells (unless they are a success). Then what?? They will have revenue, but debt to pay off first, so no cash for paying their 20% to continue to explore the Cooper permit for many years.

I know I should not be so quick to judge, as the full detail of deal is not in the public arena, but then, I don't think they will provide any more info. Perhaps with their dwindling cash pile, they will snag more 'bargains' in the U.S. Time will tell.

I am surprised that other posters cannot see that this reduces any possible T/O as they are no longer a pure Cooper Basin stock. They have good acreage but now its saddled with U.S random royalty streams.