Ann: Derby Block Update & Backreef Oil, page-27

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  1. 2,429 Posts.
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    Buru has so much in the way of potential reserves it honestly wouldn't miss Derby. It's only OBL holders who think it's a crucially big deal because it's the only thing they have that looks like it might be worth something. Of course Buru shouldn't have it in presentations moving forward from now but I can't fault Eric for letting OBL management stamp their feet like children publicly while he sniggers to himself for the next month or so or whenever the next activity statement comes out.
    You kind of have to think about it from Buru's perspective.. They were probably going to end up with 25% of Derby if Mitsubishi came in and what's an extra 4tcf.. It's probably something like a 2% change in potential reserves across the assets Buru has and it comes with a lot of headaches drilling so close to town. It's a big deal to OBL who don't really have anything else.
    Also they haven't done anything wrong in having it in the releases to date given OBL don't even know what they own. The judge made it sound like maybe neither OBL or BOPL should have it in the initial hearing (it's pretty rich hearing OBL pontificate about what other's should do regarding ownership).. It's only really a problem if it's in there moving forward which I doubt it will be from now on.
 
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