Ann: EP487 Derby Block Update and Management Changes-OBL.AX, page-7

Unlikely in this market. That's more than what they were willing to pay for it when POO was $100. Plus it comes with a massive imminent drilling commitment. OBL varied the work program to be 2 wells by the end of this year. That's probably something like ~$15M depending on what exactly they're going to do, how deep (all the way to 5000m?), coring, testing etc. Maybe you could get away with drilling two shallow wells on any conventional structures that overlay the prospective areas of the Laurel and then deepening them later to test the Laurel. That would reduce the short term financial burden but increase the short term risk given the Laurel is likely to be charged but conventional prospects aren't really. Maybe one Laurel down to 4000m and one really shallow well on an overlaying conventional target is more likely. At any rate I don't think Buru have the money to take on the commitment, even if they shared it with Mitsubishi it's still probably ~$4M they need to spend elsewhere. They did just give away a ton of land, albeit perhaps not as close to civilization.

Interesting as a theoretical exercise though to see whether holders would take a 200-300% bump in scrip. I'd say REY straight up buying OBL out around 2c is probably more likely though.