nzog farms in to taranaki permits, page-10

Sorry for the delayed reply...been away much of this week.

Red, I think Shrewd is right on the money here.
If Shell make a discovery at palta and OXX receive benfit from that production, then many in the market will see that OXX will have access to money coming from production at Palta. This will be seen as production income (be it indirectly from royalties based on Palta's production).

True, you can argue the lead in will be long. Yet two points need to be made:
- when explorers have tenements that haven't seen a drill bit, often the market will place a little/some value on them in the SP. If this is the case, one might expect some value to be given to OXX for a discovery at Palta, even if it is delayed.
- You make my 2nd point.
"Face facts if a discovery is made at paltra it will be monetized one way or another by oxx before any production"
I agree, Red. This is why the market will also add value to OXX for any discovery made at Palta as the lead in time might not be as long as production. Until then, though, a discovery would see OXX viewed as a producer in waiting for this very reason. It will no longer simply be an explorer alone.

Anyway, JMHO