a history of zeus-1 drilling -no comment, page-23

Anatol.
I have to say that your view on this seems very simplistic and does not seem to take the macro into account at all.

Your post...

"After the GFC, MEO shares goes up to 32c on Feb 13 2009 from Nov 21 2008. Open your eyes! That is happening after GFC!"

The bottom of the GFC was 6th March 09

I have crossed checked announcements and dates with MEO share price and the Dow jones.

I am guessing that you have your dates wrong, as on the 13 Feb the share price of MEO had just about bottomed to 8.6 cents.


I'm guessing the date you meant was the 13 Jan 09.
MEO went up on the announcement that the rig was handed over and was being towed into place.It's also important to add that MEO was coming from 11 cents

The 32 cents you are talking about was between the 16th to the 23nd Jan.(Dow 8281)

On the 25th the rig had to be Towed off site to ride out Cyclone Dominic (5.5 days).

On the 27th Jan Xtract reduced it's holdings by .57% to 13.60%
It is important to note that the Dow had just tested the Nov 21 low of 8046.4, and finished @ 8077.6

By the 30th, MEO had lost only 7 cents.(Dow 8000.9.A new low)

3 Feb the rig had to be de manned again as another big Cyclone was threatening to form. Price 21.5 cents.

On the 6th Feb to the 13th is when the big sell off really happened in MEO. from 21.5 to 8.6 cents.
Between these dates, Xtract sold another 2.03% down to 11.57%.(Dow 7850)

Here is the important bit. Between 6th of Feb to the 13th of Feb, the Dow lost 430 points, to a low not seen in many years. There was world wide panic, and know one new where the bottom was going to be.
Infact by the 6th of Mar the Dow had lost another "1223.5" points to 6626.9.

On the 13th MEO told the ASX that the hole was water bearing.price 8.6 cents

Like most of the ASX, Extract was caught over extended, and being in a project that had a low risk of success, there was no an option but to sell out.

This time period saw projects get canned all over the world, by BHP. SHELL ,CHEV everyone went into survival
mode.

I notice that you have included in the dumpers, the bank of Ireland in your post.
We all know what happened to them.

The macro climate at the time, saw us spiraling into a world depression, and to say that the big boys knew it was a duster before hitting depth, seems to draw a very long bow and does not seem to take the horrifying macro conductions in to account of the time.

We could only compare MEO now to a more stable time, per spud. That would have to be blackwood eg
Just my opinion.

Good luck Anatol.