No mention of supermajors or farmouts in the report.Does include...

No mention of supermajors or farmouts in the report.

Does include the following:

"The structure allows OBL to issue shares at prices that are linked to prices prevailing at the time, minimising dilution for existing shareholders."

No idea what is meant since there will be dilution obviously. And issuance is always linked to prevailing prices whatever the company. So a meaningless statement.

Not sure what 'elect' means under:

"OBL may elect to repay Lind cash in lieu of a share issue under the Agreement if the purchase price is less than a floor price of AU$0.0125."

And if they do elect, where's the money coming from?

And the following is vague:

"The price at which shares will be issued under the share purchase facility is 91.5% of the average of the 3 daily ASX share price VWAPs chosen by Lind during a specified period prior to the issuance of shares."

- and naturally it is in Linds best interest to make sure the VWAP is the lowest possible. So no chance at all of a rebound in share price in the near term I can see.

Today's sales appeared manipulative with three sales at 1.3 cents totalling 1m units, and an hour later the identical three sales this time at 1.4 cents. Clearly moving the VWAP around. So probably in for more of this to come.

The report indicates more uncertainty as regards BOPL and the derby block. All well and good that BOPL was advised 12/21/2012 of a breach, and makes one wonder why after almost a year and a half finally some action on this. And at what cost since the company appears to love litigation.

Further the report inidicate no new seismic work on Derby till end of the year. So not sure what the company will actually be doing this year to create any shareholder value. The script is approaching 700m shares and despite comments from various posters, difficult to see for what reasons an increasing price would be seen. It would need to be faster than the dilution effect of the issuance, and given track history over the past year, difficult to see that. More money to be outlayed to SER, uncertain OXX money's, loss on the BAS transactions, and no farmins to be seen.

Problem is everything posited is theoretical as to future values and worth. The actuality is we are pawning off the company to Lind - the directors maintain their salaries, but holders worth declines.

Hoping to be completely wrong, but everything above is based straight out of the report with reference to the trading movements. For the past three plus years I have been a staunch supporter of the company and directorship, but the activities of the past 6 months to year have started to undermine even my positivity.