prosperman, I have in fact bought a few shares. A real gamble but I what Eni are drilling at Heron South-1. Putting my trust in the Italians! But seriously, I think there is much to like about MEO's acreage position, particularly in the Carnarvon Basin and the Timor Sea (location, location, location). The Petrel Sub-basin permit might hold promise also being fight beside the Blacktip producing gas field (Eni) and the soon to be developed? Petrel and Tern fields. Not too sure about permits in the northern Browse/Vulcan area. Seruway in Indonesia could be big but (a) it is in Indonesia and (b) gas in that part of the region can be high in CO2. The pics look good though. Maybe we will see more when MEO actually gets their new 3D seismic interpreted.
I still think though that MEO has got its Seruway strategy wrong. It is not the farmout strategy the company has been following in the recent past and which was restated only recently in a company presentation. Looking back I see that MEO financed most of its drilling at Heron-2 and Blackwood-1 itself which left it seriously underfunded afterwards. They did survive but that was a pre-GFC world then.
Why did I buy? Well there are few companies offering the upside on exploration success as MEO at present. A bit of fun. It is a gamble despite my misgivings about MEO's management. Watch out, I'll become an brazen MEO spruiker like some other bloggers here. Did I do a good job? I'm half convinced myself.
MEO Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held
