You seem to be rationising from a negative outcome backwards. OXX have no debt, $19m in the bank, own 32m treasury shares in itself, 7 permits where 2D / 3D seismic hasbeen run and processed (and paid for), 25% in the WA Derby block, valuable strategic holdings surrounding New Zealands main oil fields and a Malaysia based unit looking to do oil industry deals. Their permits include areas such as the Bonaparte basin that are currently amongst the hottest prospecting areas in Australia. Concurrently, they are buying back up to 7.5m shares and the shares are selling for close to their cash backing per share. If you think they're expensive, let me know how many you own and I'll be happy to take them off your hands (at 11.5c per share of course).
OXX Price at posting:
11.5¢ Sentiment: None Disclosure: Held
