In the original financing agreement, the finance was subject to several call options, one on the ownership of Ophir Services (whatever the JV operating co is called), another option was on converting the debt into OXX shares (I think). The prices were all well North of current. If I get some time, I dig around and find the docs. They should still be searchable on ASX for 2014? Its nothing negative for OXX, either way I expect we will do well as long as the drilling resolves OK. They're std wells, shallow water and plenty of A list staffers around so should be OK. Am hoping we can get to 20c ish after first oil and much higher if Ascalon is declared in our favour.
OXX Price at posting:
9.0¢ Sentiment: Buy Disclosure: Held
