Ann: Otto Provides Update on Timetable for Return of Capital, page-7

Bear case.....cap distribution becomes part taxable and some of the remaining $0.004 of cash buys a 'worthless' project while they make a $10m USD provision for GC21 in the FY24 results. I heard at the AGM JJ cryptically hinted at OEL remaining an energy company but just not oil and gas... If 2 of the 3 events here occur then market has priced OEL correctly or even has it overpriced 0.012c.

Bull case...cap distribution made and deemed not taxable, part of the remaining $0.004 is also distributed, assets sales occur this year, provision less than $5m USD. Maybe we are looking at $0.018+ then, more if gas prices keep ticking up.

Punters just not sure there is enough upside anymore and downside risks growing with inaction, poor communication and JJ with his sizeable holding just bailing as a Director and Chairman.