Ann: Oil and Gas Overriding Royalty Acquisition and Funding, page-9

Spec - totally agree with your analysis.

I would also add that as we all know Oil & Gas is a risky business. And PGS have bought into a revenue stream that they have no control over, in a country that don't operate in and from a bank! I know who will end up making the most money out of this deal and it won't be PGS.

OR royalties are good if you pick up some ground and farm it out to a major who makes a big discovery and develops it costing you nothing. This is very different to purchasing an income stream which happens to be a oil and gas royalty.