I hold both MEO & KAR ( KAR investment much larger than MEO - have held KAR for 18 months - we all expected to be drilled by now - but the delays are part & parcel of the industry ).
KAR have some very interesting South American acreage which has some value . Also a number of mature prospects to drill - don't know if MEO is as advanced with the others as yet.
MEO have CP as a partner , which brings cash but not much O & G industry knowledge or experience getting an offshore project up & running - this is something CP are good at ( and as they already have Bayu - a plant which could be expanded - and as CP are the operator they will be throwing all their resources at it.
KAR has some large long term shareholders ( although 1 is selling at present ) which has stopped it sliding as much as one would expect in this market - MEO really got screwed and became a day traders plaything.
But Z1 has all the hallmarks of being a company maker - given WA Gas issues if successful would imagine that pressure would be on WPL & NWS to get them access to pipeline ( potential gas swap - DOM or LNG with WPL ? )
Either way - bring on the drill for both !!! .
Cheers
Baraka
MEO Price at posting:
27.0¢ Sentiment: Buy Disclosure: Held
