"No mention of supermajors or farmouts in the report."
No there wasn't,nor IMHO should there be when the olive branch is been extended.
"OBL has advised that it reserves its right to claim costs for the comprehensively failed appeal but has sought immediate consultation with all relevant stakeholders on this large exploration permit to effect mutual agreement and respectful protocol."
As Operator,petroleum exploration permit EP 487,in accordance with the terms of the grant,the Company has immediately advanced the 2014 operations and has on 7 April 2014 consequently given formal notice to Backreef Oil Pty Ltd (BOPL) of OBL’s intention of holding a formal initial EP 487 Joint Venture Meeting at our Melbourne Technical Offices during the week of 25 April 2014 in order to approve the immediate work program funding budget and to seek finalisation of the execution of the EP 487 Joint Operating Agreement(JOA).
OBL has advised future 25% partner Octanex NL (ASX code OXX) of the proposed initial arrangements,who have confirmed that these are acceptable to OXX and has confirmed attendance at the meeting
"OBL invited joint participant BOPL to attend these key WP operational briefings but neither BOPL nor its nominees attended."
As I said previously either our reluctant partner comes back into the fold,or there will be ample opportunity to farm out a large amount of the permit IMHO.
I also take some comfort in the announcement that part of the Gippsland permits sale is nearing completion. We will get some immediate cash and also a handle on how much our retained interests in the Gippsland will be worth.
All very positive IMHO.
Raider
OBL Price at posting:
1.3¢ Sentiment: None Disclosure: Held
