There is no way that either WPL, CNOOC or Chevron will just accept losing the tender . I honestly feel that MEO will become corporate prey with Tassie Shoals as an Artemis insurance . The sector and this particular stock is now in the eye of a corporate cyclone imo and the price rise recently is proof of interest . It seems calm now but the pressure is on for certain .
50% equity won't satisfy the winner imo, and any loser is going to realise that 70% was/is up for grabs before anything is signed by MEO . I would not be surprised at all if at least one proposal is to buy the entire Artemis stake or MEO itself . These sort of prospects and opportunities are rare especially when the prospect is a potential upgrade to a neighbour's significant resource .
If MEO is saying that 20% success equity could be worth $2 per share, then 70% equity must be worth $7 per share ..... MEO market cap is $220 million today @ 52 cents . Surely if you had an opportunity to grab a $7 KAR for about 80-90 cents you would consider it seriously .
CNOOC are likely to be the dark horse imo . If they are looking at STO's current sale prospects and tie a successful bid into supplying a Tassie Shoals Methanol/LNG project then Artemis risk is neutralized . Chinese buying Iron Ore equity from FMG so what would be so different from China owning a major gas reserve next to WPL who is to supply LNG to China .
Hope to get a few tomorrow if day traders keep the sell pressure on .
MEO Price at posting:
52.5¢ Sentiment: Hold Disclosure: Not Held
