I read on some article that Oxford MBA receives around 1,000+ applications every year and so their acceptance rates are aprox. 25%. If this trend were to be the same for this year, 1st rounders only consists 1/4 and I am hoping that the yield be higher than 25%.
Also to note, Oxford MBA has changed min. TOEFL test iBT score requirement from 100 to 109 this year. This might have impacted to many of the international applicants. From my personal observation, 109+ TOEFL iBT score seems to be more difficult than obtaining 700+ GMAT score. Together with Oxford's unique 2 essay topics, many of the potential Oxford applicants might be avoiding to apply for the 1st round.
Non the less, "if you submit garbage, you get garbage" should be also true, so let's hope that we will be invited to the inverview regardless!