The 70% of pep51153 was offered to Meo for around $500k......when U consider Meo had spent around $4million to get its 30% share U will see that the opportunity was a basement bargain......
But Meo has commited to spend its cash in Cuba not New Zealand......and is currently pushing payments out as far as possible hopeing for better POO and farming possibilities........over the horizon...
Disappointing outcome as NZ ...Puka wells......needed some repairs and minimal costs to increase the amount of oil flow........this was the quickest/cheapest way to get some badly needed cashflow.......and was the strategy of the Lazy Chairman who could not hang in there.....long enough to complete his strategy....
Meo could afford NZ........but chose not to afford it.......
Most likely NZO will end up with the 70% of Puka......only because its already capable of producing oil and going Cheap as Chips...
Dyor
MEO Price at posting:
1.0¢ Sentiment: Hold Disclosure: Held
