Ann: SC 6 CADLAO REPUBLIC OF PHILIPPINES - DOE R, page-6

re: Ann: SC 6 CADLAO REPUBLIC OF PHILIPPINES... Wild Bill - so they're in Norway eh. I'll bite.

So they're on business?

Would they be talking with a major player which established its Indonesian office in 2007, and has since then built a regional exploration portfolio in a systematic manner? Apparently this major player, as a leading international deep water operator, see this region as a potential growth area.

IMHO a JV partner like a major player would be just what OXX needs, rather than being in league with some no-hopers. After having exploration JV partners like OMV, Shell, NZOG and Santos, I could never understand why OXX chose such minnows as development JV partners. Aren't you judged by the company you keep?

OXX already have a good development JV partner in Malaysia.

But how do OXX get any major company to come on board? Is there more to these Service Contracts that meets the eye? I was of the belief that any extra oil found/recovered belongs to the state. Any new relationship though, would go beyond the SC and into pure exploration in the future (the reverse of the typical exploration turning into development model).

Tell me I'm dreaming.