meo i pulled out months ago at 25c after deciding it was in distribution and not accumulation
this was my summary based on report of meo of 7 sept 12 showing cash burn issue for them
they spent 36m a year ago. they got 55m from an asset sale
costs of 8m a year. do the maths and meo position is not great even with some cash on hand.
easier to wait for some positive developments before buying in here if they spend 36m again then what have they got?
Meo
Report summary 7 sept 12 "positives $55m cash mainly from asset sale
3 wells? planned in this financial year.
Negatives Spent 36m last year. Needs to succeed on something or dilution inevitable. 8m on corporate costs Looking for farm outs on all 3 wells.. Commitment well? Petrobus and moby pulled out of WA - 360 - P
