>However this can only be speculation on my part because FO were silent on the whole royalty issue - not just "Christian's" royalty, but the 8% for the original assignor (presumably Bayliss), 10% for the Government of the Northern Territories and 1 to 2% (it varies) for the Northern Land Council. This was surely an oversight.

Actually it's all mentioned in the Purchase and Sale Agreement. I think the only thing you may be mistaken on is this:

"MAB Resources LLT originally had a 5% royalty on the Beetaloo assets"

According to the P&S Agreement, we need to look at the Acquisition and Consulting agreement between MAB and PHUN dated Jan 1st, 2007. In that document, it states that MAB was to get a 10% royalty. However, it also says this:

"proportionately reduced, based on PetroHunter's net revenue interest in each lease, license or permit"

So if MAB sold his interest to CR, it would have been 10% at the time, but that got reduced to 5% when Falcon got 50% of the play. That's how I understand it anyway.

Of course what really matters is that nobody gets anything unless they get some oil or gas out of the ground :)

As for the Bayless, Government, and land council numbers, you are correct on those, they are listed in several of PHUNS filings. And to be picky, these also reduce PHUN's net revenue interest, therefore they probably further decrease CR's royalty.