Ann: Loadout of Platform for Ophir Oil Development, page-8

OXX has been looking to farmout the far north permits including Ascalon for a little while. History suggests OXX wants to get into bed with a major with all its upstream capabilities. Certainly at some point in time there will be interest shown. Gas is the big issue at the moment. Gas and condensate is not to be sneezed at. OXX did farmout 75% of its Dampier sub-basin permit to Santos, which was always very highly prospective, and more so now. If OXX was to farmout a similar decent slice of Ascalon to a major, or a consortium of suitable middle tier companies, like it did for the SE Asian Ophir development, the Authority might well be of a different mind re viability within 15 years, and may grant a retention lease if that is at all possible now. OXX, if it found suitable partners for Ascalon, may have to apply for a production lease within 12 months. We have no idea what OXX submitted to the Authority re the Ascalon development, but I'm thinking GA kept his cards close to his chest. OXX is renown for not publicly flagging its intentions.

Whatever direction OXX does take after Ophir starts producing, be it one of its own permits, or an already producing field, I'm on for ride. The new OXX business strategy suggests to me, the next development will be something to take advantage of the Ophir experience. GLTA of the faithful.