blame meo management, page-24

477m shares @ 44c = $210m MC.
minus cash of $40m = $170m EV.

Based on minimum terms sought by MEO (as announced), and judging by the high-level of interest, and the size of the target, and the FIRB threshold, I think it is safe to assume that MEO has snagged something like:

$10m back cost to MEO at time of farmin agreement execution
$80m, 100% drilling cost of proposed well
$25m for 9.9% of MEO
$100m signature bonus, promote premium, additional well rights, access to TSMP, LNG feed . . .

Lets just say that the farminee will pay $220m for 50% of Artemis, in which case MEO's 20% will be worth >$88m.

On this basis, post farmout I think we are looking at ~73cps, based on Artemis and cash only.

The premium for having such a large target confirmed to be drilled in less than 12months by a big daddy partner will result in a premium by the market. Judging by previous oilers in similar positions in the past, I think it is reasonable for MEO to be trading with a market cap of ~$500m post farmout and if we have a big-name connected to TSMP, maybe $750m.

My prediction is that MEO will be trading in the $1 to $1.50 range in the next 3 - 6months.

Note these are back of envelope calcs with many assumption.