agm, page-13

Thanks - it will be interesting to hear the technicals from Peter Strickland and Rob Zammit.

The key factor to the future of MEO and the repayment to the support of the LT investors is in the first slide:

'2. In time, exploration success & material asset growth'

As we have always said time and patience is the key - but it has been a long time and taken a lot of patience for LT investors.

There are a lot more irons in the fire than pre GFC days, but we at a lower SP, and we have learned a lot of lessons along the way.

This is emphasised in Point 1 on the same slide:

'Exposure to drilling opportunities that are:
-High impact
-Low cost (to MEO)
-Thus, high leverage'

To succeed, a resource company needs a resource and income - otherwise the identification/farmout model which MEO uses is a roundabout for the traders to jump on and off.

The law of averages does indicate that success will come eventually.

Blackwood is not the only potential resource for MEO but success at B2 would increase the company value in the short term and provide a platform for the company's future.

Otherwise more time and patience will be required for the other LT projects.

Still no mention of the potential tie up with Handal. I have a feeling there is a lot more going on behind closed doors, as shown by the progress of the Tassie Shoals projects.

Good luck MEOmites.

#:>))