chevron discovery, page-21

Firstly did it ever occur to you that WPL did a kerry Packer bid (for the afl rights)to insure anyone else would pay over the odds for the farmin?
Cue is not going away from anything,if any commercial dicovery is made, cue will more readily monitise the gas than the other jv partners.
Where did you get your Matlock legal training from?

Cue annual report 2008
In October 2007, Cue farmed out to MEO Australia
Limited in permits WA-359-P, WA-360-P and WA-361-P.
MEO is earning a 60% interest in these permits by
acquiring 2D seismic in WA-359-P and 3D seismic in
WA-360-P and WA-361-P and committing to drill one
exploration well in each by 1 January 2009.


Cue 2009 annual report
Twelve month extensions to the MEO drill or drop
options to 1 January 2010 were agreed for permits
WA-360-P and WA-359-P. In return for the extensions,
MEO acquired 250 square kilometres of 3D seismic in
WA-360-P over the Artemis prospect and, contingent
on success in Zeus- 1, agreed to reprocess sufficient
existing 3D seismic to firm up the Hephaestus lead in
WA-359-P. Cue contributed 5% to the cost of the
WA-360-P 3D seismic and agreed to reduce its equity
in the permit to 15% if MEO irrevocably committed to
drilling a well by, January 2010. Cue would then have
a no cost 15% interest in the well and a continuing
15% interest in the permit.

Finally were actually getting some glimpses as to how you operate as opposed more resonable people(if the roles were reversed I would expect meo to do the same).
In another world your attempts to cover the arses of the meo management and board who couldnt provide a lay down mesire for your farminee partner with a water tight offtake agreement might be commendable,regretably it is not.
While it, pbrs farmin may be supported by technical(scientific) data at the end of the day its a bet,if youve got a budget like pbrs (Im not jealous ,this is where reasonable thought process comes into play)where their outlay for Artemis doesnt even register a a decimal point in their budget everyone (Im making allowances for reaonable people) would have a bet on it.
If its a winner-plenty to gain,if not it was a mere bagatale.
As WPL are the price setter for both local and exported LNG/gas prices Im okay with the deal cue got for Caterina.
When or if meo are ever a producer youll realise that oil&gas companies are about selling product not prospects,thats all Artemis is,thats all meo has sold.