News: OXX Octanex not granted petroleum retention leases for Ascalon gas discovery, page-36

Today's OXX quarterly report reveals the Authority has replied to OXX with its reasons:

In late June Octanex was provided with NOPTA’s reasons for recommending that the JA refuse the Retention Lease application. These reasons relate to uncertainty regarding resource estimates and well deliverability, with corresponding development cost uncertainty."

Apparently the reply came with the 1 year extension of the exploration permit.
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These specific reasons are now able to be addressed in detail by OXX. These reasons are more specific than the nebulous single reason of the development is not likely to be commercially viable within 15 years. I note the Authority's reasons refer to resource estimates and not reserves (reserves have a reference to commerciality). Given the enormity of what is at stake, I trust OXX commit to getting the best people on the response submission along with support from the industry.