News: OXX Octanex not granted petroleum retention leases for Ascalon gas discovery, page-3

Yeah, in all honesty, I don't know. I gather that OXX were relying on options opening up over the next couple of years to do a deal to backfill gas to one of the LNG players (almost certainly Wickham Pt). NOPTA obviously don't share their optimism. In an immediate sense, it makes no difference to OXX and given the tiny current MV, there is no value build in for Ascalon. OXX is all about Ophir, the drill rig will be on site in a couple of weeks and the topsites, FPSO and site establishment is all coming together very well from what I can see. My main concern at the moment is that Petronas will exercise the call option on OXX's Malaysian subsidiary. It would look attractive because of the collapse in capex costs (its below even their optimistic targets) and while buy out would line OXX's pockets, it wouldn't be the bonanza that I suspect is currently in prospect. Its all off radar stuff, no surprise the mkt isn't aware but I think that will change in a rush by end of June (ish). Re Ascalon work program, its will likely end up being done via Santos / Chevron which will limit what we get for the Ascalon gas. Shame but not the end of the world. GLTA.