calling octanex directors, page-4

Rivermore, that's a good question - why the AGM motion?

Albers seemed to lose control of Southern Petroleum back in the late 80's soon after the big discovery of the Waihapa field. His name dropped off the list of directors soon after without any explanation being offered in the Annual Report. All a bit strange and then BIL had control of Southern and in a blink the shareholders were all gone at minimal recompense.

Then later another experience that Albers will surely be aware of when Cultus discovered the Maari Field late in the 1990's. Within 6 months OMV had pounced and taken out shareholders, again at minimal recompense. Specifically on the Maari success Cultus moved from A55c to A90c, then fell back to under A50c after a few months of market uncertainty. OMV then moved in with their offer of A66c (the Cultus board valued Cultus at $A1.39 and advised rejection of the offer) however OMV prevailed.

So that's two definite examples very close to home of how the shareholder is forced out of the bonanza discovery. Therefore two possibilities come to mind for the reasoning behind this AGM motion, either OXX are:
a/ setting themselves up to minimize a repetition of the like were Matuku to come in,
or alternatively if the existing share structure of OXX has already done that, then
b/ maybe OXX is forward planning towards how to finance the ongoing exploration within the Matuku licence that will become necessary if Matuku is successful.