palta announcement, page-6

In regard to the question whether we will see an announcement about the outcome of Shells's Palta-drill or not, I flicked through the latest presentation of Octanex shown at the AGM as well as the Chairman's adress to the AGM dated 28th November.

On the presentation's page 8 it is stated among others:

2013 will be another important year for Octanex:

• Results expected from Palta-1 in WA-384-P where drilling is currently underway


On page 29:

• Octanex has significant residual commercial rights in the three permits via discovery payment entitlements (of up to US$10M per discovery in respect of up to 3 discoveries per permit) and a 1% overriding royalty on all production from each of the permits

• In the event of a discovery the overriding royalty has significant value potential for Octanex

• The drilling of an exploration well, Palta-1, in WA-384-P is underway and continuing.

• A discovery at Palta-1 will trigger material commercial benefits for Octanex.


So I think we will get an update of the results by Octanex (and maybe Shell as well), due to the fact that they should be "price effective" in a positive or negative way for OXX shares.

Comments / thoughts welcome!

Have a good evening
and a nice weekend,
Neo