palta-1 reporting., page-20

Camry
You said,

"if Shell hits the jackpot we get $5m cash .... thats just a peanut for monkey !! why did Albers take up such a silly deal i would ask

Cam"

Well since you do ask Camry.

The fact is that Geoff did a bloody good deal in my opinion.

Back somewhere in 2006-2007 Octanex and Strata Resources we awarded WA-384 385 and 394. 50% each. They ran 2100km of 2D over the permits.

In 2008 Octanex and Stata sold the permits to Shell.

If my memory serves me correctly for the sale each Octanex and Strata received:
15m US. That was approx 22m AUD at the time.
as well as

.5% ORRI

Discovery payments.

Latter Octantex merged with Strata.

So in it's present form Octantex received approx $44m AUD
as well as the rights to a
1% ORRI and discovery payments.

The fact is Geoff has created a lot of wealth out of those permits already while retaining an interest via the ORRI which could transform OXX.
Do you think that OXX could have funded the work program on those permits and a 60m dollar drill, of course not.

Geoff has given us exposure to this drill equivelent to 7%-10% equity.