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I can attest that Takeovertarget is not joking.


Maybe a bit over the top but not totally silly.


Apart from the bucket load of cash around thirty million I think, (my memory is faded and am away from home so I carn't look it up) there is the shareholdings, the prize being the 41m odd Cue and 7m odd BBP? ( one of Geoff's follies! ) among other rats and mice.


Also need to note that of the approx 171m shares about 30m ( I think ) are held in trust by Dovedale (?) and are in the beneficial interest of the company. So in reality there are approx 140m shares on issue.


Be listed on the ASX on 21 Sep. Sure will be interesting. People will wonder where this one came from.

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That' right - Im not joking one bit.


Cash in the bank $M30

Options at call $M7.5

Investments roughly $M20 (upside $M50)


= M$57.5


Now if Oct walked from ENI and OMV + US $M 64

If Shell hit some success then + US $M 10


= additional AUD $M85.6


Now lets all face the fact that it wont be long til Cue is worth $1/share.

So investments could be worth a conservation M$ 50


Are you with me??


Therefore - When (not if) Cue hit $1, if Oct left OMV ENI and Shell has success, and options are exercised.


OCT market Fair Value (not even including any permit value) = AUD M$173


Divided by 214 m shares = 80 cps.


....This assumption reflects the downside of this company with no exploration potential.


For that you could probably and comfortably factor in the sky.





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Actually if you took the main shareholder out of the equation and I'm not too sure if that includes Dovedale there will be only about 68 million shares on issue and I think around 15 million options. As quite rightly it has been pointed out the possible cash backing alone on this share illustrates that it's potential if and when it's list on the ASX could be well north of current levels (28 cents on NSX)!! Please do the usual. :biggrin:
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Hi Mme,

Always like to see what you are up to.

My mate has a few of these and he is pretty astute. I have met Albers and he is pretty astute too. This little baby could sprout some very big wings but it sort of depends on the Rankin shelf.

My mate and I always compare notes. He loves Octanex...I love CSG. We chat about them every friday at lunch. Great fun.


Watching with interest.


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Take it that you have had a close look at the shares on issue and that 214 fugure is the fully diluted figure which sounds about right.


175 + 30m opts + rats and mice.


However you also need to take off the Dovedale holding (about 30m ) as Oct is the beneficiary of this holding.



So you should work on 214 - 30 = 184 m shares odd.


E & O E.

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Good call 34323


...there's the 94 cps then.


Did anyone else notice this weeks article re OMV sells Timor Sea assets.

These leases have serious potential so it certainly gives me confidence in OMV's view of their 7 other interests in the Carnarvon Basin.

- 4 of which Octanex currently has 40% free carry interest.


This story has much bigger implications than the size of the article.


Could also be interesting for CUE and their stranded Cash-Maple gas resource.


Cue interest here 20% of 120bcf (2P) resource.




PTTEP snaps up OMV Timor Sea assets


By Upstream staff


Thai PTTEP has bought all of Austrian producer OMV's Timor Sea assets for about $10 million in cash.


PTTEP will take over OMVÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s share in five offshore exploration blocks AC/RL4&5, AC/RL6, AC/P4, AC/P17, and AC/P24.


AC/RL6 contains the Audacious and Tenacious fields, which could start production within two years, PTTEP said.


PTTEP has also raised its stake in the producing Jabiru and Challis fields by another 18.75%. The Thai operator previously acquired almost 71% interest in the two fields after taking over AustraliaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Coogee Resources.


PTTEPÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s chief Anon Sirisaengtaksin said the acquisition in Australia is in line with the companyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s plan to ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“seek opportunities in target countries which have petroleum potentialÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ.


OMV will retain interests in seven Carnarvon basin exploration permits in Australia after relinquishing the Timor Sea assets.



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Hi Bermuda. Not too sure who I spoke to at the Company the other day because the gentleman was quietly spoken and from our conversation I got the impression a very intelligent man. The more I read the more I like about this one. Provided they obtain an ASX listing I can see this going past 50 cents short term. Been telling friends to get on it in the placement.


I haven't had a chance to see whether Dovedale is Albers holding as well but if it is separate to Albers it means there are only about 38 million shares free in the market and 15 or so million option/contrib type shares. (assuming 34232 info is correct about Dovedale). :biggrin:


PDYOR. :biggrin:

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