Get the info from the horse's mouth - refer OXX Sept 2017 Report.
"OPSB will be compensated by PETRONAS on a quarterly basis, anticipated to commence following the end of the December 2017 quarter, from the proceeds of Ophir crude sales. Compensation will comprise reimbursement of capital costs, reimbursement of operating costs and remuneration fee, in that order.
Advances by Octanex and other shareholders to OPSB are subordinated to OPSB’s project financing arrangements. Octanex’s entitlement to payments from OPSB will take effect following repayment of the project finance and will first be in the form of repayment of shareholder advances and then in the form of dividends.
Octanex may be required to redeem the SIP convertible note facility from the proceeds of
payments received from OPSB; alternatively, SIP may elect to convert the SIP convertible notes into Octanex shares (the facility is comprised of three equal tranches of notes with conversion prices of $0.15, $0.20 and $0.25)."
This development project is the first project down this path for what was previously an oil explorer. The project has been an outstanding success and the experience will benefit the next development, most likely another oilfield Cornea, currently controlled by Uncle Geoff. Future developments include Winchester (75% Santos) which is gas and condensate and Ascalon (100% OXX) is gas. Remember OXX partners only world majors in its projects and often sells down its ownership in exchange for free rides. DYOR IMHO
