EMP 23.8% 2.6¢ emperor energy limited

three, page-6

  1. 1,382 Posts.
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    To be honest I don't think BRU will ever be in a position to swallow up OBL.

    They have their own issues such as halting a drilling program, breaking promises and rigs being idle and paying 50K to 80K a day just for the rig to sit there. It's ironic that this rig only has to sit around for 2 weeks doing didly squat would pay OBL directors salaries for a year.

    From what I hear, BRU have over 150 employees and many disgruntled that have been sacked or let go and it is not what staff, backers or investors wanted.

    You would think BRU have get out clauses with BOPL to walk away. That would be the smart thing to do based on their current situation. Leave OBL and BOPL to sort things out and everyone move on. OBL are funded to start the seismic program on the Derby Block and are holding JV meetings. If our joint venture partner being BOPL does not turn up, let's see what happens. OBL does NOT see BRU as a member of the JV. The DMP see OBL as the operator.

    In relation to BRU having a potential contingent liability for royalties in the magnitude of $250M on the Backreef block. I would suggest again BRU have too much on their plate to worry about. This will be sorted down the track.
 
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