Read the prospectus, most of their activity is in the zones...

Read the prospectus, most of their activity is in the zones around roxby downs/coober pedy and gawler ranges in SA, as long as licences approved, it has potential. Their main focus uranium expolaration on tenements owned by oxania and minotaur. This is a very rich area is SA, I've been up there more times than i can remember and its been abuzz ever since minotaur discovered prominet hill, which will be there main focus. In local papers they are already adverising for camp personall to build the associated infastructure, airstips etc. And if your worried about oxaina disposing assets think again oxaina will hold 24.74%, minotaur exploration 24.74% billiton exploration 1.03% (sub. of bhpbilliton), with the rest going to eligible shareholders of Oxiana, minotaur exploration, bhpbilliton and new investors.
In closing they will retain a majority interest, thus i can see them doing this to outsource their exploration activities, while they focus on the big picture getting prominent hill operational by 2008-09.
By the way people running this company are top divisonal knobs from rio/bhp/the old wmc and even cba, they've got expericence in the industry and the geological area in question.
Personally i'll take up min. subcription as med/long term speculative