positive

Some minor points which may just escape most.

MEO appears to have established several subsidiaries in 2011/12. I expect Drysdale in particular was in order to bid more offshore acreage and disguise MEO's identity.

Then page 53 brought a quirk sense of reward when I read that whilst the market only sees Change of Directors Interests Notices, it appears that MEO's two chief negotiators (Zammit & Gard) both dipped their toes into the market with their own money to buy more MEO shares.

Zammit the ex-XOM master negotiator charged with making TSLNG a reality has accepted 30% of his salary in the form of a LTI.

These are all very minor points that just happen behind the scenes, but these are the signs of character, professionalism which characterise successful companies. It is part of the culture and in general another hallmark of success.

HS-1 has already been drilling for 2-weeks and must be closing in on 2,000m SS real fast. From 2,500m it is game on and from 3,000m it is hold on to your seats. At 3,500m, well it is the Madrum firecracker time.