more on seruway, page-20

Seruway PSC is the permit that really excites me as there are Multiple multi Tcf Gas targets some as large as 5Tcf and as Dr Daz has stated the market seems to be completely unaware of the permit or it's potential.

Also Dr Daz has said and as per the last few quarterlys FARM IN TALKS start in Feb so they have effectively started with a well targeted for Oct-Dec this year.

As for the the history of COE with this permit let me say this, I was once an investor of COE and have to say apart from success in the Cooper Basin they have never managed to do much with international ventures hence the shareholder revolt.

Their first big international venture was South Madura they promissed big talked up the permit drilled a well which failed and ran away from the permit after spending alot of time and money. It seems they did the same with this permit and will in my opinion end up doing the same with their Tunisian leases as they just don't seem to deliver on the follow through although they have this time brought in Dragon Oil to fund the costs so perhaps with Tunisia this time it's different.

MEO stick with their permits like NT68P and WA 360/361P and in the oil and gas game to have success you need patience and more importantly perservarence.

Just look at Vic Pet VPE now Senex SXY they drilled so many dry wells and dusters that their MD was nicknamed "Dry Hole Johny"

What about EGO they've been plugging away over in the Perth Basin for decades and only last year had a breakthrough discovery

My point is the key to success is not getting a project, spending a whole lot of money then walking away after one failed well, especially since the wildcat success rate is 1 in 10.

What you do is you carefully select a project which offers a lot of potential value then let someone else spend the dollars to try unlock this value for you that's the MEO way

The most obvious partner for Seruway is Santos in my opinion or CUEs Indo/PNG partner Singapore Petroleum

A farm in should allow some share price value to be attributed I would think