The quoted field size of Ascalon is currently 3T. Within the 2 permits there may be other prospects to be revealed by the further studies.
I always took the concern of the authority re well deliverability and development cost as how was OXX ever going to fund an exploration well and develop the field without any major JV partners? Remember OXX was an even smaller company when the retention lease application was lodged, than it is now. Even Ophir wasn't developed by just OXX, it had Petronas behind it. OXX's project funding was via Sabah International Petroleum which is essentially the Sabah government. I can understand the view of the authority based on what is there at the moment. But OXX just has to play its cards carefully and it will reap the rewards - big-time . IMHO DYOR
OXX Price at posting:
10.0¢ Sentiment: Hold Disclosure: Held
