I think we're getting somewhere now...

But I'm still stuck on this issue of choice. If xstate has first right of refusal then why is the board choosing to transfer it to the JV? It seems to me that if you are correct then the board had no choice, it was simply the terms of the agreement. And yet, that does not appear to be the way the company is describing the transfer in it's release. I quote:

"Additionally, as reported by XState Resources Limited (ASX symbol: XST - News), the Company has, by a decision of the Board of Directors per our original agreement to have the joint venture drill on the best three targets at the time of drilling, added the Neola, Helvia (2 possible targets) and Hafsa to the venture."

Looking forward to the company's explanation. Frankly, I still don't know what I own. Do I own half of this target and two others that were transfered to the JV, AND, if these targets do not prove development worthy, do other targets in the agreement area get transferred to the JV again?

In other words, what do I as an LBSU sharehold own 50% of, and what do I own 100% of?