gurame gas shows over 186m gross pay, page-24

Antman - Gurame will probably cost MEO approx $30-32 million as there would have been some contingency which ST consumed, and more. With the additional cash in hand, $9.3m raised in the SPP, all the seismic already payed, eni picking up the tab, the only other outgoings for MEO are head-office overhead and the second Thailand well circa $5 million.

The key here is that MEO appears to have the gas at the two major projects. Gurame is the smaller of the two, but at 100% interest and an immediate path to market it is very valuable. I say appears, as MEO have not yet flow tested either well, but are obviously working hard to do so as we speak. Against such a backdrop, rising share price a small placement (similar size to SPP) wouldn't cause any damage. Even a R.I. would work. I'd happily pour in a decent sum on confirmation of both projects.

pualb - a good accountant! To be a sophisticat, you need wither $250k/yr income or $2 million in NTA. There are some advantages as you receive offers from brokers to put away a placement quickly, before the market has caught-on.

JT - Yes the same Gurame. Except this time a mob which can interpret seismic and understand earn-in obligations is running the show, on its own. It doesn't hurt that the value of gas is higher, all the while the PSC terms are also much friendlier than when Salamander was trying to flog trivial interests. But thanks COE, the log data helped MEO calibrate the seismic and interpret that Gurame1X, only drilled through the Baong and not Belumai, refer to pg 2 of:

http://www.meoaustralia.com.au/content/Document/Gurame_SE-1X_Technical_Supplement_13Sep2012.pdf

ertzberg - my love for analysts is second to none. Would you mind sharing some paraphrased comments just so we get a view of what the pundits are reading?