gas in the elang-plover, gas in sandstone abov, page-63

MEO were conservatively suggesting 6.5Tcf between Blackwood and Heron.

Based on eni's ambitious upgrade of Blackwood (and/or upgrade of Heron based on HS-1), it way well be that NT/P68 has 8Tcf of gas.

If eni drill another couple of wells (and pay for them), do some engineering studies (pay for them), then decide to develop the fields, then MEO will receive $75m in cash (14c for every share) and will be the proud owner of 2 Tcf of equity gas in a sanctioned development project.

If you look at how much the Japanese are willing to pay for 5 or 10% of such a project, it would be clear that this is a company maker in its own right for MEO. But we can play the game. Act surprised when eni commit to another Heron well (in the next 60 days after HS-1), then also act surprised when they commit to Blackwood, then also be surprised when they just happen to have a rig slot.

As far as I am concerned, NT/P68 is done and dusted from a MEO perspective. Just sit back, let the Italians sort it out whilst we work the phones to work out how SOEL are going with Hercules!