What a big difference 8 weeks can make, since I posted this original dossier on Artemis!! I've mentioned it b4 & its good to see that they've notified the mkt & updated the GIIP from 9.5 tcf to ~20 tcf, not to mention the higher POS!!
The last set of 3D seismic data was critical in the reserves upgrade & of course this recent flurry with LNG sales indicates that players will b keen to lock in all potential acreage with decent sized prospects for future supply, all good for MEO. Atleast thats what WPL are doing, as they dont want to b left behind Chevron or the other majors.
Key thing now is that Pluto is 72% complete. WPL were in talks with HESS & Apache-Kupfec & I've posted that article where 5 parties were mentioned (none were named apart frm the 2 that r common knowledge!!). I would b very much surprised if WPL were not 1 of the 12 elephants in MEO's dataroom. For those who've been to an auction nxt doors, perhaps, know that feeling, right!!
IMO, this has been an open house, where the interested party will b forced to show their hand rather then maintain a poker-face, which is a good way to control proceedings by MEO. An example of this is KAR who back in Oct '06 lost BG as its farmin partner, went out collected more data, got more parties interested & in Oct '07 signed up Conoco.
MEO have played their cards right by getting the missing 3D for this acreage in early July.
For now, we wait to hear about the indicative offers from the 12 parties.
MEO Price at posting:
59.5¢ Sentiment: Hold Disclosure: Held
