Ann: Quarterly Activities Report - 30 June 2018, page-2

Ok - pluses - not many - though OXX seems to be expecting Petronas to accept the termination of the RSC- that’s good!

But the wash up will take time -
1. On 6 June 2018 OPSB exercised its right to terminate the RSC, providing PETRONAS with 90 days written Notice of Termination.

And -
2. Octanex does not presently anticipate receiving a surplus of funds following a full redemption of the SIP Convertible Note facility, at the level presently drawn.

Ascalon is the only remaining potentially viable project at the mo -

3. Here’s the guts...
Octanex has pursued several work streams in relation to appraisal of the Ascalon accumulation.
These include to review in-place resource estimates, multidisciplinary review and assessment of the Ascalon data-set, pore pressure study and well deliverability modelling. These activities are ongoing with the objective of derisking the gas volumetric assessment.