Oh no...another oil gas exploration company throwing their money...

Oh no...another oil gas exploration company throwing their money away.

Keep in mind OXX was trading at almost cash before the dividend announcement.

OXX cash = $31m
OXX investments = roughly $10m

Shares on issue = 275,000,000

Cash backing = 15c

Dividend payment = $11m

New cash backing balance = 11c

With no drilling happening for yonks, the sp could possibly visit 11c or there abouts once this goes ex-div. Is this risk worth the 4c dividend?

crazy logic to buy on a dividend announcment. (this goes out to the 200k buyer at 25-26c)