Can OXX do a deal with WPL?, page-15

Have a look at the Ophir agreement, its a very strange but hugely favourable agreement. The finance facility, as well as the call option for large equity on the Ophir JV (i.e. not Octanex itself) includes capitalisation of 75% of the running costs of the Ophir project while its ramping up. I spoke to Rae Clark a couple of months ago, they were astonished at how much roll back in both Capex and Opex they were seeing. Thats one reason why I'm keen to see some forward (remodelled) assumptions on Ophir cashflow. If the oil price even stays where it is, Ophir could be a very nice earner and drive a rebuilding of Octanex. As for Ascalon, you're right (IMO) to be interested, the backfill issues affecting both WPL and STO will drive some big moves in the Nth / NW of Australia. No one can afford those facilities to not be running fullk