OXX is fast asleep as usual. Value of holdings plus cash holding around 40m and increasing atm. The 43m share holding in CUE leading the way and the big driver. Means that cash and holdings backing is in high 20's and recent trades (almost no volume)are at below cash backing.
MOG down to 10% now of Artemis so OXX indirect share of Artemis is now at 1.3%. Drilling comming up at now, at now cost to OXX although success or failure will reflect in the value of OXX's holdings in MOG and CUE. Fingers crossed! Following the CUE, MEO story closely. Better than the movies!
Shell being given another couple of months to decide what they want to do. Drill or hand back the permits? Must have been something that they liked the look of in order to go back and carry out a 3D survey that they now seem to be mulling over. Good sign. Lets hope that the decide to drill.
After all these years of reading the same cut and paste, and about the broken anchor chain, the moment of truth on Winchester is approaching. Will they get anyone interested enough to want to farm in? OXX spent a fair bit on Winchester especially that OBC survey. Odds seem likely that there is some gas there but perhaps not particularly big? Handy location though. We will see. Watch this space.
3D been completed on Gigantor. Huge! Just a decision on where exactly to drill and hopefully drilling in first half 2011. 20% at no cost to OXX. And possibly lots more drilling to come in the future on the other permits in the group.
Cornea. Are they wondering what to do next. Oil and gas there but complex structure and how much. Albers controls all of this. I guess that one of the issues is that more drilling involves direct upfront dollars by all parties most of which Geoff has a large interest in.
Would look as though 'Goldsborough' is destined to be folded onto OXX?
Well there are a few irons in the fire, Artemis, Shell, OMV/ENI Gigantor, Winchester etc all within the next year.
Grab your popcorn and reserve your seat! Pay attention and stay awake! There's lots happening here. It's not interactive though, you don't get to choose your ending, but my guess is that it might be a happy one.
OXX Price at posting:
26.0¢ Sentiment: None Disclosure: Held
