so what has really changed since 15/12/09?, page-9

Woah Austin, haven't seen u this fired up on HC b4, what did I miss, personal argy-bargy!! Deep breaths stay calm & maintain a neutral tone in y'r posts, there's nothing wrong in being simplistic mate, so relax :))

I think we are at a stage beyond a straight-fwd farmout.

MEI, in their 16/11/9 release to the mkt, MEO have alluded to that point. It's not a straight-fwd scenario as most of us would have thought of, ie pay up cost for seismics, fund for the first well, if successful then drill another, transfer of operator status etc etc.

Apart frm the corporate diplomacy in full swing betn the MEO camp & its PF, I think we are at this stage; 'additional analysis & discussion was req'd with respect to potential implementation of an integrated LNG project in the event of exploration success'.

To me this means that they r already planning on the next level & hence the unforeseen delay (alongwith xmas, boxing day, NY, Australia-day breaks & now the looming easter egg hunt). Any moment Jurgen, no rush!!!

Now their Feb 11th update indicates that 'they've been actively screening a number of business opportunities to expand &/or compliment the current portfolio. These opps could b new but proven exploration plays in old areas to low risk appraisal opps which can b developed early & generate +ve cash flow'.

I think the above 2 points are strong indications of a package deal being considered.

At this point, worth noting that Artemis closure is not in MEO's WA-360P, it falls in the block WA-269P to the north operated by someone else (worth chking out who that could b).

A bit more clarity by MEO on the 'new ventures' would b good.

Noticed Santos sealed a cracker with GDF Suez in August last year for its Petrel/Tern/Frigate field with a FLNG development plan. IMO, MEO & its PF might b thinking on thes lines as well, but the main question is, which prospects are MEO looking at & in what region (NWS, Browse or Bonaparte basins) ? I think OXX has blocks to the south in the NWS, so that's 1 option, unless they want to buy out Crux & Echuca which r known prospects & the operator Nexus has 'known' cash problems. Just recently Stuart Petr flogged its Oliver prospect to PTTEP in the Bonaparte, so mayb another option would b to string the pearls in the necklace (i.e adjoining smaller fields tied into 1 loop).

IMO, its better for MEO to take time to seal the deal rather then rush in. Lesson learnt frm the past, when 2 farm-outs went pear shaped (KAR-BG, took them another 12 months to rope in COP & secondly NXS-Mitsui Crux debacle).

As I've said earlier, we r past the stage where MEO wants to b reimbursed US$8 mil for the seismics, for starters, there's more to this kitty.

Just my thoughts for now, while we wait.