Should see an update out today based on MEO's track record of giving weekly reports. Given the well was only expected to take seven to ten day they must be close to their target depth. It is great that MEO is being free carried on this one but as JH said in the presentation they weren't expecting too much from the results. Even though the drill itself is relatively insignificant, in the scheme of thing, it will be interesting to see results either way and the effect it may have on the share price.With no oil being found their may be an opportunity to top up or get in a slight discount to the current price.
Very pleased to see it holding around 28c. With relatively low volumes going through it would appear people are comfortable with their position pending further announcements. Would not be surprised to see some upward momentum today in the share price. With announcements next week. T+3 traders would see this as an opportunity to make a quick profit. Add into the mix todays report and I would expect to see a spike in the volume once the Thialand report is out of the way.
MEO Price at posting:
28.0¢ Sentiment: Hold Disclosure: Held
