mog announcement, page-11

Iam
Agree the MOG reporting is sloppy with incorrect dates and numerous amendments.
Disagree about Albers motives.
Here's why
Albers needs funds to drill Braveheart and Cornea. Around $18mil and $25mil respectively.
The group of companies involved in BH/C are mostly associated with Albers.
The reason MOG are acquiring Rankin Trend is to take advantage of the Artemis frenzy and boost the MOG sp.
That creates a better scenario for MOG to raise capital
An important condition of the RT acquisition is that MOG successfully raise the required funds to farmin to BH/C ($22.4mil).
The companies being farmed into are controlled by Albers of course.
So MOG need to cough up $22.4mil to satisfy one of the conditions to acquire RT.
Albers is also raising drilling funds through a placement for Exoil and a part sale to OXX.
There is some urgency to raising the said funds.
Albers group, (as part of a consortium through Australian Drilling Associates) has booked the last two rig slots for the Songa Venus. The SV is currently drilling Oliver2 (which spudded on 23-10-2009) and then its Albers turn.
If he pulls out, he has to pay a penalty.
He's been working on these permits for a few years, (refer Australian Oil and Gas Corp US SEC filings)so he wont be giving up easy on raising the drilling funds.

I think the amendment to the RT acquisition on 06-11-2009 was for one or two reasons.
1.Sweeten the deal for MOG shareholders to support the RI in the event that MEO don't confirm a farmout of Artemis
2.Possibly to comply with ASIC seeing as they recently questioned the fairness and reasonableness of the deal.

As a MOG holder, I personally prefer to see MEO succeed, as a funded 15% stake in the Artemis well is better than an unfunded 50% stake.