By all means read today's PKO announcement but follow it by today's OBL's announcement re the Derby Block in the Canning Basin. I know which one hit the right nerve. OXX's 25% of Derby is looking good and far more certain now. An onshore permit, close to existing facilities like a pipeline and a major road to a port, are all strong pluses. Development could be relatively quick.
OXX may even come out winning SC6 Cadlao or a greater share. Or else Cadlao may be lost if OXX don't take fast and strong action. This will be a litmus test of how or whether OXX can manage in SE Asia. If OXX can resurrect the Cadlao JV and become operator, there would have to be brownie points earned with the DOE Philippines. There is certainly more water to flow under the bridge before Cadlao is finally re-developed.
OXX Price at posting:
12.5¢ Sentiment: LT Buy Disclosure: Held
