Close inciter, it's 6 months from a discovery as defined in the...

Close inciter, it's 6 months from a discovery as defined in the agreement but not from the start of drilling.

If a discovery is made and Shell wish to keep their current interest in the permit then US$5,000,000 must be Octanex Group. If they no long want the permit then the permit is gifted back to OXX. Both of these events would need to be announced. The results of testing won't necessarily be announced but of course if an announcement comes out that Shell are paying the $5mill it won't be for dust.

However, what in the agreement constitutes a discovery we have no idea about. It remains waiting game but when the rig moves you can pretty safely start the maximum 6 months clock.



Meso1973 I like to think they or someone else would give a gentle tap on the shoulder to the WA460-P partners that it would be a good idea to go into a simultaneous trading halt for the benefit of a fair market. However, you're right that they owe nothing to the WA460-P partners. If you sign up to OXX announcements and there is no shoulder tapping, you may be able to place a couple of cheeky orders on WHN, CMT or STX before most of the market realises what's going on. Whether those orders are buy or sell orders will depend on the result.