Yeah, OBL gets the $$ and we get 25% of Derby. Expecting a OXX / OBL annt on Monday. Question is, what does OBL do then? They are trying to block Backreef selling out to Buru (which it appears they can do under pre emptive rights) and also get Backreef to pay LONG overdue back costs but they then have to pay the equivalent ($3.5m) which would leave them with 75% and OXX 25% BUT if they pay Backreef, OBL will be back to no cash or even neg depending on costs recovery. Sitting in the corner waving his cheque book is Geoff Albers. Classic OXX play, I expect we will end up with at least 60%, shoot some seismic and then jv the Derby block to a major player (my guess is either WPL or BHP) and keep 20% free carried. Interested to see this play out.
OXX Price at posting:
12.5¢ Sentiment: None Disclosure: Held