The planned drill (year 6 commitment) would be extinguished in the event that a location is declared. Similarly though, I'm told OXX cannot jv or sell the Ascalon gas or the overall asset until it is changed from an exploration lease to a Retention. Abit of a chicken or the egg situation. I'm sure they are working on it though as it would add a zero to OXX's SP.
News: OXX Octanex not granted petroleum retention leases for Ascalon gas discovery, page-30
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