Dr Daz wrote "I also share the view that MEO luring a major O&G company to Australia would be about more than Artemis, probably a TSMP kicker as well, maybe even Blackwood or Heron?"
I note a few on HC have suggested the farmout could include more than Artemis, perhaps due to the required FIRB approval and FIRB monetary threshold of $219mil.
However, MEO's latest update on 21-12-2009 clearly states the farmout is for WA-360-P. No other permits are mentioned.
If the farmout for WA-360-P includes optional followup wells , which if successful, could lead to further development expenditure by the farminee, then that alone could justify the required FIRB approval for WA-360-P. Furthermore, if the first well is a duster, then I expect the farminee will have the right to walk away.
MEO Price at posting:
45.5¢ Sentiment: None Disclosure: Not Held
