potential to be a ten bagger, page-16

Time to have another look at this one.

CUE holding 6.3%
MOG holding 4.01%

Gives us 1.35% indirect exposure to Artemis.

Assuming 220mill shares fully diluted after RI completed, 6tcf x 1.35% = 81mmcf = 40.5mill or 18.5cents per share. 12tcf = 37cents (overzealous IMO).

CUE has 20%(?) of the Caterina prospect in JV with WPL, we have 1.26 indirect exposure so there is potential to add another 3cps per Tcf discovered. Last time i checked the high estimate was 9tcf, although with a lower GCOS than Artemis.

Many other irons in the fire and these are merely a side dish to the main plays, plays that will start to unwind within the next six months. First port of call will be Shells decision to drill or not, the discovery and royalty payments will add some serious cash if we get the nod. Shell taking further time to run the 3d's is certainly a positive. OMV/ENI drill first half 2011 will be the main course though. Personally looking forward to getting the Taranaki permit seismics completed, could be a very exciting play.

Numerous other prospects and leads with potential to deliver multiple Tcf's to OXX. Value to OXX per Tcf is $2.27 (assuming 220mill shares). The potential here is huge and the current MC is not showing much for that..................YET!!!!