RE: CVRs listing on ASX

[Stavros]

To my knowledge, still no word from OSH regarding efforts to list the CVRs on the ASX.

Thanks "2126"

My views are:

1. OSH will say they expended "commercially reasonable efforts" but failed. NOTICE that they did not use the term "Best Efforts" which would require leaving "no stone unturned."

They made no efforts, "2126" and they will not make any!

Here is a very good explanation on what this means in Canadian Contract Law:

http://www.lexology.com/library/detail.a...2dc213e8c0

Summary

Performing an obligation with one’s "best efforts" is likely the most onerous standard of the three discussed in this article. If a party promises “best efforts”, everything that can be done should be done, but not to the point of that party bankrupting itself. Although the “best efforts” qualifier must be set against the context and purpose of the contract in which it is found, the phrase "no stone unturned" exemplifies the "best efforts" standard.

By contrast, "reasonable efforts" implies that what can be done should be done, in the context and purpose of the contract, but without requiring a party to leave "no stone unturned". "Reasonable efforts" is a less onerous standard than "best efforts".

Another variation is the "reasonable best efforts" phrase. This has not been explicitly considered in Canadian jurisprudence, though one American author opines that "best efforts" and "reasonable best efforts" are likely similar in that 'reasonable' in the latter phrase is largely irrelevant.2 This is significant in Canada (as in the United States) in that drafting with the phrase "reasonable best efforts" might get you in trouble if you think it means something less than "best efforts", because it may not. The better practice is to use "best efforts" ( to mean "no stones left unturned" ) and "reasonable efforts" ( to mean "some stones reasonably left unturned" ).

Finally, "commercially reasonable efforts" is a standard that has received little judicial consideration and ought to be treated with caution. One possible interpretation is that the market dictates the objective measure of value so as to determine how far the obligation must be taken. However, "commercially reasonable efforts" is ambiguous and ought to be expressly defined if used in contracts.

2. If the CVRs have any value at the end of their life, the entire value will be subject to Ordinary Income Tax

3. Antelope-7 will not be drilled and Certification/CVR Payment will be in 2016