Ann: MEO Directors respond to Mosman Proposal, page-22

Cheers Adl, the truth is not only don't we or MEO know what eni wants, but eni itself maybe confused?

For eni Australia, taking out MEO makes enormous sense, however eni Australia has to compete for capital from Eni Global.

The merits of of eni faming-into 454P are real, but the available equity may deter eni. If anything, ORG would want to compete with eni for NT Gas.

But eni remain interested in NT/P68 and not just Blackwood. Just because eni didn't agree to fund the next $100m+ well at Heron, doesn't mean that eni are done. If MEO were to sell TS to eni, you would think that it would also involve the sale of NT/P68. Given the sunk costs of $400m+, it would be much cheaper to take out MEO.

Whilst I despise dilution, the NEN merger is a necessary evil.

Post-Merger, MEO should trade at a fairer value and not have a solvency discount. There has been very little discussion here about PS taking the helm, but I like Peter. He is cool, calm, collected and intelligent. JH was always a salesman, but PS appears like a much safer pair of hands.

The value that MEO could deliver eni overnight is worth 10 - 100x MEO's market cap, so when the fuse is lit, this is going to be on for young and old.

Merry Christmas all. Chin up, look after you loved ones and early 2015 should see some hardcore action, not just positioning.