Here is my take on it. Buru obviously has enough challenges with...

Here is my take on it. Buru obviously has enough challenges with the oil and that is where the money really is for them. BOPL must be broke and can't pay their share of the calls. Buru walks away and REY signs up conditionally to get BOPL's stake in the block. This looks like a great deal for BOPL as they won't have to pay any more, REY picks up the tab and they get to keep an option on the future of the block by taking either $2M cash on a Production licence or a 2% royalty. If the block is as big as they say then 2% royalty could be worth huge $. OBL wants to sell down their interest in the block as they have no money. Their presentation already states that they will seek a farmin partner. Rey has chinese backers, has 25% interest and a partial free carry on the Ungani oil trend blocks with Buru and Mitsubishi. I am not sure but if Rey ends up with 50% and OBL farms out then REY might end up as operator because of obl's dilution. REY is taking their dunnart well to production testing next year and could well be a baby oil producer this time next year. small bikkies at 2MMBLS but with 40% this could make a tidy sum as long as the oil price doesn't completely drop through the floor.
In any event this block EP487 is strategic. The estimated gas is huge and potentially extremely valuable.
Apart from the serious technical challenges of drilling fraccing and proving up the gas, there is potentially enough gas in this block to be a complete game changer for the owners. No wonder they are fighting like crazy over it. not much to see until the SAT makes a determination in January. In any event, 2015 will just see seismic done and a process of approvals. 2016 will see 2 wells. It takes forever to do anything in WA.
Lots at stake here for all parties. I am a REY holder. cheers