This is good advice. However, short term IF the farmout is announced with a sound expected result for MEO - at least 20% free carried as expecdted and not less the I see $1.20-1.40 with settle down to $1.00-1.20 by mid November. If the drill date is set qucikly it could rise again a little but more loikely 2-3 weeks prior to spudding - hit $2.00-$2.50. This is a spec stocm - i.e HUGE potential if gas is hit - many downramped Karoon when it was 50c! However OF COURSE if no strike = back down to 50c quickly! Remember Tassie is the main asset so I doubt another fall back to 10C!
Long term not very high risk - if you were in now and it rose to 2.00 when drilling and dropped! But anyone who buys in at 1.50+ just before drilling = HIGH RISK.
We )anyone in above 40C are high risk now IF the farmout is bad! Nobody expecdts this but there is always a chance. I see a good two weeks ahead - let us wait and see!
MEO Price at posting:
63.0¢ Sentiment: Buy Disclosure: Held
