These reasons related to uncertainty raised regarding resource estimates and well deliverability, with corresponding development cost uncertainty.
I giving OXX management a thumbs up for pulling the retention lease application rather than having a negative ruling.
More expert studies ( possibly including your suggestion river), more documents and resubmit.....
Dunno how you mitigate development cost uncertainty - look at rig hire fees 3 years ago vs now....however maybe they point to Ophir and say look how much we saved here vs initial budget?
OXX Price at posting:
10.0¢ Sentiment: Hold Disclosure: Held