proportional takeover, page-7

Botchee,

If the PF made a partial takover of MEO there would not be any need for a "FARMIN" by them. Hence no need for MOG or CUE to get involved any further and no need for a side agreement.

The PF would buy into MEO via shares and become a major stockholder if not the largest for a price that will need shareholder approval. The PF would then become a part owner of MEO.

The entity ,MEO ,would still be MEO but with a different top end shareholding structure and some new board members.

You would own shares in MEO with the benefit of knowing that a Global player with deep pockets and industry expertise is also your fellow shareholder,a major one at that...one that can transform MEO into a major player.

It will probably need FIRB approval as they do now in the current Farmin format.

MEO would still own 70% of Artemis...but they would not have to bend over to MOG or CUE to get on with the business of drilling the guts out of Artemis and eventually bringing the gas on line...if Gas is found in the commercial quantities we assume are there.

It's quite possible that the JV partner that did not sign the side agreement reneged at the last minute.

I think that they have been baulking for some time...hence the added delays.

Read AustinNZ's reasons for this,I think he has hit it on the head.

If this is going to drag on any longer all I can say is:

Get on with the frigging drilling with or without anyone else. WPL and others are still lurking in the wings.Finalise the rigs and get on with it..Litigate for losses later.

Hope that helps..If you're still confused,just pour yourself a big alcoholic drink ,scull it and it will all become clearer after you pass out.

Cheers,

Where's my wine??!!

Disclaimer: Take no advice from my post ,I don't...just my wiews while enjoying the Sov Plonk from NZ.