OXX is still a compelling proposition...Current market cap @ 50c...

OXX is still a compelling proposition...

Current market cap @ 50c is $75m

Approximately $15m in listed securities

Cash of $25m

Leaving an EV of $35m

OXX is free carried by OMV/ENI on two drills in each of WA-362 and WA-363 (that is four wells, free carried, targeting 9 TCF and retaining a 20% interest)!

Santos have farmed into WA - 323 free carrying OXX on 3D seismic and one well (OXX retain a 25% interest). The permit contains the Winchester prospect which could be liquids rich.

Then there are the 100% owned Shell permits which OXX has a residual interest in. Specifically an overriding royalty and discovery payment entitlements! Shell have committed to drilling in the second half of 2011.

The there are 10+ other permits