Ann: Quarterly Reports - 30 June 2016-OXX.AX, page-6

Octanex are the production operator in partnership with Vestigo and Scomi (50%, 30%, 20%).

It is a means for Petronas to cut alot of big company overhead out of what needs to be a simple operation. I also would like more detail about the terms but from conversations with their management, I understand they are in the black anywhere above $40 bbl and in the event the oil price is lower, their downside is very limited. Factoring into this is the much lower capex now, its gone from something like A$160M to around $90m but this is also factored into their returns. The Opex costs have also been slashed.

Vestigo is a Petronas subsidiary so they have full visibility on outgoings and operational matters.

One other point, the Options you referred to are actually non recourse ctg shares with 10c to pay to become FPO. The remaining call won't be made until Ophir is past its commissioning phase. Definately not a dead duck yet and it may well turn into a goer once we get abit further into the Ophir build.

There are also call options by Petronas where they can buy out Octanex or take them out of Ophir. They are way way above current valuations but not discounting that option either. The Malays are all for window dressing where it suits them.