Hi Corporate, definitely worth looking at OXXO/OXXR as only need to pay the 5c call to convert to OXXCA (partly paid code once up and running). I have most of my holding in the options and considering the leverage available and the upcoming drills of OXX/CUE/MOG in the next twelve months i think they are great value. Once the rights issue is done and dusted 5 OXX shares will give you exposure to 1 share in CUE. When you consider both OXX and CUE have a big 2011 in front of them OXX does seem the better play for mine. At current levels you can get around 3 OXXO/OXXR for the same price as 1 CUE share (this takes into account the 5c call also) so with the great leverage they present you get massive exposure to CUE's 2011 drills (would love to get a calculation on what the exact % would be?Over 50% ???) plus the potentially mammoth upside of the OXX.
Even if you take all of OXX's investments away i still think their permits and JV's with majors such as Shell/OMV/ENI offer the best potential on the ASX as far as risk/reward goes.
IMO,DYOR
OXX Price at posting:
32.0¢ Sentiment: LT Buy Disclosure: Held
