the last time MEO flow tested a well it was Heron-2.
The open hole section in the Plover collapsed and the shallow carbonate section (not a target in HS-1) had no permeability and therefore did not flow. I was not on the register at that time, but imagine anyone who was following and experienced the $1.60 - $0.20 drop may have some history to contend with.
Looking at it objectively, HS-1 appears to have intersected two decent conventional sandstone reservoirs which are known to be productive in the region. But in this market, observers want confirmation before committing.
MEO Price at posting:
21.0¢ Sentiment: LT Buy Disclosure: Held
