"BRU know that they controlled BOPL's share and this was not disclosed to the DMP upon grant. This could be embarrassing to BRU at SAT."
"Specifically at all times all WA Department of Mines and Petroleum, Native Title and Environmental submissions and communications will go through BOL as overall permit Operator on award."
The Company continues to seek expressions of interest from experienced CSG operators to Farm -In to these shallow CSG rights on behalf of its partner BOL, whilst BOL has now elected to soley focus upon operatorship of conventional oil exploration prospects and the Farm-Out of these rights on behalf of OBL. http://www.oilbasins.com.au/OBL ASX...ent of OBL as USG Operator - 21 July 2011.pdf
Should a successful farmin or exclusive option to farmin eventuate, any back cost payments or down-payments will be shared pro rata between OBL / BOL, after first adjusting the future OBL payment for an appropriate (once-off) CSG sole risk adjustment with respect to commercially compensating OBL for the initial agreed funding of the first $100,000.
By an announcement made by Buru Energy Limited (“Buru”) to the ASX on 27 September 2012,Buru announced that Backreef had agreed to sell, transfer and
assign the whole of its right title and interest in and to the future title of 5/07-8 EP to Buru for an amount of $3.5 million–including by implication CSG and USG rights .
OBL has not consented to Backreef selling, transferring or assigning any interest.
(20min delay)
