Would you be drawing some long bows here R?
Rather than a larger position wouldn't it be more likely that Petronas would buy OXX out of Ophir. In fact did you or someone mention that there are provisions for that.
Crackity, didn't mean to sound flippant with the comment that "nobody cares about the one you missed out on", but it is true. Guess business is like that.
As I said OXX's balance sheet isn't strong, also ability to raise more cash limited. The extensions to the Partly Paids then the conversion was mostly most satisfactory. However I think it fair to say, very much suited Geoff as funding his 10c call may have been onerous. If OXX wanted to raise that is what they were there for. Ophir coming on stream will will strengthen the balance sheet hopefully. What Geoff will want to do with the money assuming it works out who knows. Is to early to talk about dividends?
OXX has had some great chances to hit the jackpot over the years but never quite managed it. No criticism there. That is what we are in it for. But for me who has been in since the beginning it has not been a good investment.
Especially in hindsight, Geoff did a great job with Ophir. With out it the cupboard would be very bare.
Speaking of jackpots I still have Ascalon in the back of my mind. Would be extremely difficult to value.
Also I read the other day that Australia and Timor have resolved their dispute regarding Greater Sunrise? Does the possibility of it being developed and proximity to B U mean that Ascalon would possibly look less attractive?
Your thoughts R
Anyway just musing while we wait for the announcement which shouldn't be to long.
Hopefully will bring some cheer!
Meanwhile while waiting I will go back to the FAR circus. The waiting there has become very trying.
OXX Price at posting:
5.0¢ Sentiment: None Disclosure: Held
