Ann: Investor Update , page-2

Had a look at the latest presentation. Situation was/is largely as I portrayed in an earlier post. Didn't make too many errors.

Couple of points that I note from the presentation that I thought interesting though.

I had disregarded WA- 329-P (OXX 100%) containing the prospects Blackbird and Hornet.
I had relegated this permit to the "rats and mice" category.
Interesting the comment though,

"OXX position is attracting substantial interest from large companies and a farm out process is well advanced"
Could be that this permit may well have more to it than I had given credit. OXX may well achieve a farm out similar to recent deals where they retain a 25% free carried interest through more 3D and a drill. Would be a good outcome.

Also regardingWA-342-P Cornea, OXX 18.75%

"Scope for the recovery of contingent resources of more than 60mmbbls"
"Discussions with co-developers underway".
And in the summary,

"Farm out process underway in respect to WA-342-P and WA-329-P".

It is not such a stretch to imagine that Cornea could be developed in the not too distant future??
As I say the rest, Shell, Santos, OMV, cash position, etc, is pretty much as I portrayed earlier on the 27/5/11.

All for a company trading at well below near cash position with very modest future cash commitments and 7.5m to come from partly plaids.
I am biased of course but I find it hard to believe that the "Market" is being all that "efficient" at the moment.
Good luck all.