re: Ann: OBL PESA Deal Day Presentation Sunda...
As I thought, Cyrano and Gippsland assets for sale. Probably better to concentrate on the Canning.
Interesting Derby was excluded from the presentation.
I don't really see any additional Backreef drills happening this year like they state as a possibility. Maybe just the Backreef-1 deepening as it's cheap and in an existing hole. You'd think it would be tough to get a farm in partner, get approval and clearance, get a rig and still have two months to drill a new deep hole this dry season. They would have to get a super wriggle on. Also $2.5M for 1200m of coring sounds low... Is that at 30%-50% interest for a total cost of ~$5-7.5M?
I only just noticed this morning it closed at 1.5c, if Derby ownership is sorted out and Buru's EPA appeals squashed so the Laurel testing goes ahead as planned you'd have to think it's worth a punt.
OBL Price at posting:
1.5¢ Sentiment: ST Buy Disclosure: Not Held
