re: Ann: OXX: Octanex bids for Orion Petroleu... Hardmano, OXX...

re: Ann: OXX: Octanex bids for Orion Petroleu... Hardmano, OXX got more upside than most of these junior oil and gas co.s listed on the ASX. We actually have a JV with 2 majors who have signed a well committment for our deep sea Carnarvon permits. ENI and OMV are currently preparing to perform 3D seismic over the major leads in the permits. All multi-TCF plays.

The Winchester lead is currently being analysed by CGG Veritas. It is a multi-TCF play and is already attracting industry attention. Farm-out process will begin once 3D results are received.

Then theres the Shell deal for the Exmouth Sub-basin permits. Shell have to agree to a well committment by August 2010.

Then there are the strategic investments in CUE, OIP, CTP and GGX.

CUE shares provides massive upside potential in the event Artemis is a success and Caterina is farmed out.

CTP have their Phase 2 campaign expected to kick off in Q3.

Then there is the $23 million in the bank.