Magna, page-31

How about this for a Magna t/o scenario.

RM seems open to consider a t/o offer for the Cambay assets, at the right price (excluding the Canning project).

However, I reckon that his preference would be to firstly finalise a JV farm out deal for part/all of the Canning acres before the Cambay flow results are released - mid/late August.

But before that he needs to complete the Canning Survey and Interpretation report for submission to the Western Australia Department of Mines and Petroleum and commence negotiations to convert the prospective areas of SPA 017 AO into a formal exploration permit.

This sequence of events would:

• give OEX a viable 2nd string to its bow (and fall back position) for a discrete and prospective Canning project to pursue. We should have a much better idea once the survey Interpretation etc is done.
•       lift OEX SP coming into the Cambay flow result ann
•       allow RM to maximised SP/returns from a Cambay sale to Magna once the flow results are released.

If I'm right, I'd be expecting another positive progress report/ann on completion of Canning survey results and a JV deal in the bag - before Cambay flow test results.  Followed by a t/o offer after the Cambay flow results come out. This would set RM up nicely to maximise the OEX sp pre sale of the Cambay assets.