new direction for ogy?

the sale of OGY interests in Pel l15 represents a major re-direction by OGY.

i don't know about others, but I don't fully understand the implications, as we simply do not have enough detail.

there are some obvious positives eg;
- cancellation of SXY's 20% of shares, which in theory should significantly represent an immediate increase in the value of the remaining shares
- no need for a CR for at least 12 mths
- free-carry of drilling two wells in the remaining sections of Pel 115
- free carry of 3D in Pel 110.

But there are plenty of unanswered questions !!

Probably the most pressing comment in that announcement is that this deal is subject to s/h approval.

I am sure we will get more info when we get the Notice of meeting for that EGM.

You will note the Top 3 of OGY (excl SXY) hold about 22.4% of shares in OGY. there were about 2,748 s/h in OGY.

We need more info.

I am sure we will receive a better response to our questions if we combine as a group to ask the questions.

Given that HC members may well have a material combined shareholding in OGY, it would be worthwhile if we added-up just how many shares we hold.
The purpose would be to combine our questions, then get a response from mgt, and then advise those HC shareholders of the response, so that we are better informed.

So can any HC members who hold shares in OGY please post their shareholding number on HC, OR send the info to me on
[email protected]

we don't need any more info than that, and there is no other purpose involved except to get a better understanding of what is going on at OGY.

cheers