You're right but don't forget about the effect of turning the ctg shares to FPO's. I had quite a few ctg and they have turned a .4c ctg into the equivalent of 6c so I think I'm actually in front atm. Having said that, my plan has been to just follow GA, he's a smart guy with some very interesting assets. Ascalon could very well turn into a motza asset and Cornea, well is over 400m barrels of oil in place, the development numbers are all based around recovery of 7% but look at the numbers in the qrtly if we get a 25% recovery at P10. This becomes a serious oil producer, unlikely I hear you say but the technology behind horizontal completions has moved ahead a lot and is becoming passe to install (and much cheaper). The original Cornea plan was many high cost wells due to the segmented reservoir, now it will be 6? horizontals that link thru the compartments. Issues; the ownership is all over the place. Energex has 14% which I would like to see end up with OXX. I expect a big brother to guide this job and finance it but maybe thats one for Petrobras again. With 100m barrels of oil recoverable, this is a project even big oil would seriously consider. Some serious projects, cash flow next month and existing carry's on some big ticket exploration, does this sound like a 9c company to you?
OXX Price at posting:
9.0¢ Sentiment: Buy Disclosure: Held
