been here before - no we haven't!, page-8

MEO is a high risk/high reward play, and each individual should assess their investment based on there own circumstances. I think the MEO thread has some of the best posters and information on HC, and I don't think it is fair to claim/blame that they are uprampers, optimistic yes, but no one has ever claimed MEO is a 'sure thing'.

A little history lesson for those who still seem to be upset that Artemis didn't produce the results we were all hoping for. Petrobras paid $31.5m + $7.5m (reimbursement) into the MEO coffers. In addition, a prudent and well timed (IMO) risk mitigating capital raising raised an additional $32.6m.

This $$$ has set MEO up for where it is today (i.e. no. of permits and high impact drills). Pretty good outcome really.

Also, Petrobras free carried MEO and paid (up to $41m) for the Artemis drill.

It is important to remember that the geological chance of success (GCOS) was anywhere from 13% (according to partner Moby) to the optimistic 32% (with DHI multiplier) calculated by MEO.

They were targeting 12TCF of gas, obviously would've been a company marker, but you have to remember that even with the most optimistic outlook, there was a 2 out of 3 chance of failure! That's just the name of the game - so my opinion is don't risk $ you can't afford. It is a matter of risk vs reward, but don't be under the delusion that the risk is low. On top of all this, we now have Maxwell prospect..so it isn't over yet.

I'm quite comfortable with the current management and I'm happy for MEO to fund the Gurame well rather than sell it for less than what they believe it is worth.

Anyway, that's my take and I want to thank the great contributors to the MEO thread (moshe,dr,ort,blurt,anatol, etc..). Keep it up! and I alone will be solely responsible for my own research and investment decisions.

Good luck to all, I look forward to some announcements in the near future from ENI/MEO and remember, nothing is a certainty in the sharemarket or in O&G drilling.

Cheers
Ben