Interesting on the UK boards last night, there was reference to...

Interesting on the UK boards last night, there was reference to an auction by the Indian authorities of Cambay blocks later this year.

I guess the big question mark, apart from the commerciality of the flow test results, is about Magna's intentions.

Just trying to put myself in their shoes - what do people think they will do?

I said last night "Will be interesting to see how this plays out over coming days & weeks - if this forces Magna's hand at all. Because Magna are not in a JV relationship with OEX they don't have any influence over content/timing of announcements - so Ron is able to playing this out (not spinning) to optimise SP going into the flow test. If Magna's keen it would be in their interest to contain the SP as long as possible to get confirmation of commerciality from flow test results before launching a t/o. But if the SP starts to get away on them, it might start to put pressure on their decision making timeframes."

I'm now thinking that Ron timed this announcement as early as possible to intentionally/strategically to catch Magna of guard. I don't know for sure, but I would think that OEXs share register would be fairly homogenous with a few larger clumps - due to multiple CRs. So once the market and current holders are better able to evaluate OEXs potential, current holders will demand a significant premium for any t/o attempt.

Magna's best prospects to capture OEX was to do so before this stage. So, maybe now they are in for the longer ride, thru Canning.