Ann: Quarterly Activities summary for Period ended 30 June 2015, page-2

WHAT BS, PS.

If Shannon was worth drilling, MEO should have used its preemptive right to move to 100%, then farm-out an interest.

As a long time shareholder, I DO NOT want our funds used to drill Shannon. We cannot afford to fund a 20% COS well ourselves.

With a 30% interest, MEO neither has the equity to farm-out or the cash. Worst of both worlds.

AND I DONT BUY THIS CRAP.

Why is MEO talking about Caliera being well funded.

I anticipated this being a balls up and at the time posted a link to Caliera corporate information.

https://opencorporates.com/companies/nz/4254998

All I can see is a NZ nominee director, who appears to be a front for a yank that owns 100% of the "fund". I don't see a well funded entity. You would have thought KEA's interest was acquired by Apple, reading the quarterly.

VERY VERY DISAPPOINTED.

PS - Don't get too comfy. You are only as good as your last deal and I haven't seen anything notable, yet. Nothing somebody on half your salary couldn't do.