Ann: Quarterly Activities Summary for Period Ended 31st Dec 2014, page-9

Daz

It would appear that time is rapidly running out for MEO

Cash at the end of this quarter will be $6m noting $400k for exploration (Cuba?), and $1.5m for UBS fees and staff exit packages - wtf......

MEO must elect to drop WA454 by the end of next month (march) if no farm in partner can be found - that is just 8 weeks away - in this market it would appear that all that seismic work and an 80% funded drill of $35m will be lost - meo MUST drop next month or have farmed 20% residual out - meo will have to give up 40% away just to keep 10% the only other option will be for meo to raise capital via a SH CR?? Either way a CR can not be far away. If cash is $6m by 31 March, then current SP suggests a SP of circa 1 cent which means a CR of less than 1 cent - wow talk about a fall from grace - less than impressed

Now that TS is on hold for the "foreseeable future" - where will the value aka rise in SP come from other than NZ and Shannon-1?? Does than mean Zammit has been given notice/received a severance package?

MEO desperately needs a merger. Any thoughts of suitable merger partners? Now that UBS engagement over it would appear any such merger will need to come from new MDs contacts...

Where will the SP rise come from ? What is the plan other than reduce costs? MEO needs cash flow period. IF MEO cannot farm out wa454 then this imbo will be relinquished and the focus should be on NZ as this is the only viable near term option that can cost effectively drive cash flow to survive long term. Imbo meo should complete the next lot workovers, increase to 50%, and drill Shannon 1. ANy other REALISTIC options other than burning cash on exec salaries and office space and expensive trips to Cuba and just waiting to die / fall off the asx listings??

Adl