re: Ann: OBL PESA Deal Day Presentation Sunda... "Once again I...

re: Ann: OBL PESA Deal Day Presentation Sunda... "Once again I think it's less a management issue and more individual posters here inflating the importance of these other supposed irons in the fire. "

LOL are you having a go at me?


Stake in Offshore Gippsland Gassy Permits

Sunday, 17 Nov 2013 11:12pm EST

Oil Basins Ltd announced that it has executed an agreement whereby the Company increases its stake in offshore Gippsland to an overall combined 35.435% by acquiring the Strategic Energy Resources Limited's wholly owned subsidiary, Shelf Oil Pty Ltd (Shelf) which holds a 17.5% interest in exploration permit Vic/P41. OBL has also been granted a conditional exclusive option over SER’s 25% interest in Vic/P47, which may at OBL’s nomination be split 50/50 between OBL and Shelf on exercise, and which exercise is subject to the offshore regulator NOPTA approving a new variation and extension to the 2014 Vic/P47 Work Program as submitted by the proposed new operator. Under the terms of the executed Share Sale and Purchase Agreement for Shelf, OBL will issue SER 7.0 million new OBL ordinary shares at AUD 0.02 per share for 100% of the equity of Shelf which only holds a 17.5% interest in Vic/P41. There are no pre-emptions with this transaction. Under the terms of the exclusive option with SER for the 25% interest in Vic/P47, on exercise OBL will issue SER a further 6.0 million new OBL ordinary shares at AUD 0.02 cents per share.

"which may at OBL’s nomination be split 50/50 between OBL and Shelf on exercise"

The presentation says


Deal Offer is to Divest 100% Shelf Oil PTY LTD,

this does not include OBL's direct interests in the two permits unless I'm mistaken.


Ive no problem with management selling "lessor valued assets" .
Some ones junk,is always some one Else's treasure.

Some posters here need to play the ball, not the man.
In your initial reply to my post you dismissed the Gippsland assets,then after contemplating your naval,you recanted,?
You seem to be playing both sides.
Bhutos you previously pulled me up for leaving out "vital" words ,its bloody hard to be perfect.

Pure speculation on my part,theres nothing to say they haven't already got wanna be farminees,maybe their just testing the market to see if their selling out too cheaply.

Raider