OXX commenced in Oct 2009 and they seem to have accumulated...

OXX commenced in Oct 2009 and they seem to have accumulated around 18 part exploration permits.

From previous posts they have in one way or another drilled say 6 sites, but unfortunately not made a economic discovery.

OXX are particularly skilled at gaining exploration block then farming out portions of the site for sizeable payments. They actual profit from that.

Currently they had cash at say $19 million and a mkt cap of around $27 m.
(Need to check on the mkt cap)

They had picked up one recent exploration site plus have merger program with PKO.

I have not seen a plan of action identifying the steps ahead. Presumable they may or may not find the likes of Shell buy a stake in their remaining sites. But in one case Shell have declined.

Industry success seems to be 1 in 10 - 15 drills being economically successful

My belief is OXX badly want to drain a site with greater certainty. Hence PKO Cadloe which is a proven site. This may be delayed, which puts OXX in a akward predicament.