Here is a video of some behind the scenes footage of the making of the Mike Oldfield Story from 2013 when Mike was celebrating the 40th Anniversary of Tubular Bells. It shows Mike watching the video of Don Alphonso, and he doesn't seem to impressed!!
I am not sure why he was watching it, but even he thinks the track was a joke. I listened to the song today in my car, and although it is a novelty song, it is saved by Mike's guitar playing underpinning it all.
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I think that's quite a good lyric, actually. The O's and the X are on one level the hugs and kisses, symbolizing the love of bullfighting, while on another level they point to noughts and crosses, the ludic aspect of the duel between human and ruminant.