duster, page-3

My sentiments exactly Madrum.

Instead of one disappointment - four in a row.

How much can MEOmites bear! The 13th certainly isn't our lucky number.

What about the future?

Bonaparte Basin. Eni to decide about Blackwood and Heron in the next 4-6 weeks. Blackwood has unofficially been declared an appraisal drill by Eni in 2013 but we will have to wait and see.

Bonaparte Gulf - WA-454-P (Marina/Breakwater) - farmout started 1 Nov so news about that ~February? Possible gas and oil plays there.

Tassie Shoal. This always has been my reason for investing in MEO. Work has been done to further these projects and it is a very cost effective solution which will be looked at by Eni.

AC-P50/51/53 farmout next year in a known oil area.

Seruway - MEO staff took an educated gamble on behalf of the SHs at Gurame and threw everything at it but failed. The new farmout will just concentrate on Ibu Horst prospects as before.

Madurah South in Indonesia. Doesn't look like much is happening there, but it is an asset.

Carnarvon permits - there is nearology at WA-360-P (Maxwell)and 361-P (Heracles) but is it too far? Good real estate doesn't matter if there is nothing there and Woodside failures at Banabu and Ananke, on top af Artemis, points to a low COS in that area. Perhaps Hearcles near Capella/Perseus is the best prospect.

Cash reserves. A lot has been said about MEO investing in seismic and drilling programmes. Until we see the balance sheets we do not know the figures. They must be feeling the pinch especially after Gurame but will still be in the black.

Funds will come from farmouts and the serious side put on the banter about farmouts by David Maughan in his exchanges with the CEO at the AGM has never been more evident than now.

Before anyone pulls me up, and I don't care if they do, I know my post is more of the same, just like my usual posts but I think I represent a lot more LT investors in MEO who rely on the information put out by the company. This is from highly qualified people whose reputations are on the line and would be just as gutted as we are ATM.

But I am not giving excuses for them. Like I say, I have made my decisions on the LT business plan put forward by MEO. At every failure, of course the SP goes down and my confidence with it. The way I compensate for this is to make sure I can cope with the loss without having to sell my shares in a knee jerk reaction when the proverbial happens and wait for the SP to recover, which it will.

The stock is now, as ever, in the hands of traders, to which fraternity I do not belong. I am certainly not sophisticated enough to have access to shorting facilities or use algorithms to manipulate the SP so there is not much point in me joining the trading discussions.

Simply put, if the MEO business plan comes off I will do well, if not then I will have to wait longer or ultimately take the loss. The only decision I have to make is when I don't think there is a future for MEO.

I don't think we are at that point yet and the SP will recover. So whether I have got my head in the sand or not then that is for me to contend with. I have taken the risk and can live with it.

In the mean time all I can do is interpret the limited facts put out by MEO as best I can.

Good luck with all your decisions. I feel for all those who have joined me in the disappointments over the last couple of months, coming after a number of lean years.

Where there is life there is hope, but it can be a struggle at times!

There is nothing more I can say just now.

#:>))