Yes it is a sell. Sell it right down to where i am waiting at 0.35 and 0.36.
How is it a sell when an OMV/ENI well commitment is due anytime now?
OMV have consolidated their Australian portfolio after the sale of their Victorian assets in 2005 and on 1 July 2009 sold their Bonaparte Basin assets to PTTEP for $11.6 million. OMV now hold 6 permits in their Australian portfolio and they are all in Carnarvon Basin. This where their exploration focus is and they are very upbeat about it...
David Law, OMV General Manager in Australia stated: I am very pleased with this divestment. The Timor Sea area had become a non-core within our Australian activies. The divestment of the Timor Sea portfolio allows OMV Australia to focus on its large Carnarvon Basin acreage holding where we have a number of promising opportunities emerging."
4 of those 6 permits are held by the OMV/ENI/OXX Joint Venture. I am certain OMV will be tapping these permits very soon. They are not consolidating for nothing, and they know where their major potential is.
I'm continuing the accumulation.
OXX Price at posting:
38.0¢ Sentiment: LT Buy Disclosure: Held
