Just read through the Half Yearly to see OXX now holding 16+ million shares in "Goldsborough" (GLD). GLD must have needed a cash boost to continue operations in Bonparte and Browse basins. Don't be surprised to see it merge with OXX in the near future or list publicly.
OXX have a 4% Interest in MOG and a 6% Interest in Cue. That provides them with 1.5% indirect exposure to Artemis.
CTP kicking off Phase 2 in Q2/Q3 will add some significant value to OXX in the event of a discovery. Remember these guys are going after Multi-TCF and billion barrel prospects (Johnstone).
Then there is also the $25 million sitting in the bank. Plus a mssive 3D seismic funded by OMV/ENI (2 majors) and a well committment, anticipated to be about US$50 million. Hence why OXX could have opted out and taken US$16 million.
Talk about a diamond in the rough!!!
OXX Price at posting:
35.0¢ Sentiment: LT Buy Disclosure: Held