OXX are in a pickle they simply cant afford to drill and fail again. They desperately need PKO Cadloe - proven reserve.
It has now been confirmed by the Philippine Dept of Energy that 2 drill wells must be completed by March 2015. So nothing is going to be done by OXX for around 7 months. SP will naturally drop, but the recent buy back Ann is an attempt to reduce that natural decline.
OXX is overpriced on its own.
OXX may drill in PKO's North Sumatra block. They will prioritize that in front of their own stock of blocks.
OXX Price at posting:
11.5¢ Sentiment: None Disclosure: Not Held
