News: OXX Octanex not granted petroleum retention leases for Ascalon gas discovery, page-27

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uazy4

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07/06/17

15:18

Post #: 25152273
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Originally posted by uazy4 ↑

I see now the authority has decided to review its decision-making process for the Ascalon retention lease application.

To quote Austin Powers, "Yeah baby .... yeah".

This provides OXX with administrative fairness, but now OXX must focus on what exactly the authority sees as the impediments to development within 15 years. I believe if OXX reads all the indicators at the moment, the stars are aligning, and the time is right to start serious discussions utilising its existing relationships with Santos and Shell along with a number of other majors such as Woodside and ExxonMobil, to get Ascalon Production rolling. With the pipelines so close which therefore cuts the need for a lot more infrastructure maybe OXX could negotiate to remain as operator and continue its growth as a brown-field developer pursuant to its expended business strategy. Such activity by OXX would be seen very positively by the authority. Then the granting the retention lease to OXX would be very appealing to the majors as it provides a level of some certainty to the development of the resource. The environment for investment by the majors would then be created.

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There is an extraordinary amount of activity happening re gas from NW Aust right now. Woodside is right in the mix. Talk of pipelines going every direction makes it incredibly hard for the Authority to suggest Ascalon would not be commercial within 15 years. I sincerely hope OXX is in serious discussion with all oil majors from the area and this fact may be sufficient to convince the Authority. Some news of the progress of the Ascalon year 5 obligation and the plans for the year 6 exploration well would be good. News of farmout marketing would also be good.

OXX Price at posting: 9.0¢ Sentiment: Hold Disclosure: Held
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News: OXX Octanex not granted petroleum retention leases for Ascalon gas discovery, page-27

Top Stories

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