meo concern , page-15

Iam, as you note the trick is not to stress out in the lean times of a junior explorer when you are a LT investor.It also takes the stress factor out of play,when you know the junior explorer is still sitting on a considerable amount of cash-$90m at the 30/6/2011.The estimated cash outflow for the next quarter is $4m so at the 30/9/2011 the estimated cash position of Meo is $86m which would still represent a cash backing of 15.9 cents per share.On the 5/7/2011,Meo announced that all conditions precedent in relation to ENI have now been fulfilled and that ENI has commenced the process of securing a suitable rig and obtaining necessary approvals to drill the Heron 3 well. As you note the top 20 shareholders are not concerned about the companys future. It would be surprising if this current quarter did not provide some action on the Heron 3 well. My thoughts only. Do your own thing.