Ann: OBL PESA Deal Day Presentation Sunday 6 Apri, page-18

re: Ann: OBL PESA Deal Day Presentation Sunda... Jaybay and boysy were referring to the constant hype about OBL having "3-4 assets" over the last couple of years. I was replying to them in that context, I didn't even know you existed before one post a week ago.

Where have I recanted? I repeated my earlier assessment practically verbatim. I almost copy and pasted my post from a week ago to show how close to the reality of the situation I was compared to those who thought there was a plethora of activity on multiple valuable fronts except that would have been a little self congratulatory.

All I was saying is don't take out frustrations on management that belong to other posters hyping assets beyond their immediate worth to OBL's operations.

For example, OBL hang onto $143k worth of Vic/P41 and $60k of P47 (for now) and they're trying to sell half their exposure for $200k. Don't these values tell you anything? I can go out and buy a crappy $200k student apartment somewhere and get immediate ROI. This sale makes the Vic assets look like another CR - instead of a CR for SI's eg, they released $200k worth of shares for an asset they're trying to flog.

You know OBL's monthly admin costs are ~120k right? So they sell half their asset to get ~6 weeks of running costs yeah? Was it really neccessary to make a song and dance about how great it is they're keeping an asset worth 6 weeks of running costs when the main thrust is that they're divesting? Actually, it's not even that, it's soaked up almost immediately by the work commitments on the permits with a bit left over.

The fact these assets aren't worth very much and aren't so hot, but also potentially hold exciting amounts of hydrocarbons isn't playing both sides it's having a realistic view - basically: interesting if it ever gets up - and it's been almost 8 years so far - but not much of an asset until then.

You mustn't have read my post, you left out several whole assets not just one word, totally misrepresenting what the company was about. Here I replied that they were likely selling your "irons in the fire" and they weren't worth very much which turned out to characterise the situation extremely well.