today's australian, page-14

Dexter
Its a bit out there to think OXX paid 1:1 for Cornea while MOG paid 2:1. Not sure how you worked that out

Refer pg 4 of EXX NSX release 13-11-2009 that refers to OXX's farmin terms

"the sales agreements reflect the terms of a relatively common oil and gas industry farmin where
the farminee pays for the drilling of a well, generally, on a two for one basis (or terms either
slightly more, or slightly less, than this ratio) to earn an interest in a permit. By way of example,
the sale of the 13% interest is based on a sale price of A$241,000 per 1% interest. This reflects
an estimated drilling cost of A$24,100,000 for the Cornea 3 appraisal well. A recent transaction in
the permit has seen Moby Oil & Gas Limited (Moby) farmin to the permit based on Moby paying
on a 2 for 1 basis to earn its interest up to an aggregate cap of A$482,000 for each 1% interest
earned. For Moby to acquire 1% and retain it, it must pay that amount. In this case, for the
purchase of a 1% interest from Exoil, the buyer must pay Exoil A$241,000 to buy the 1% interest
and, to retain it, must pay a further A$241,000 in its pro rata share of drilling costs. That is, they
each pay the same amount: with the variation that if the drilling costs are less than A$241,000 per
1% interest, then Exoil must re-imburse the purchaser the difference between the initial
A$241,000 paid per 1% cost and the lesser drilling costs.

"