great news, page-10

Did anyone notice the Drill/Drop decision on 359-P for 2009 year end? Cue hold 20% here.

What do you see as the likely outcome here from MEO, drill committment or walk away? Could be another reason for MEO's CR?

Below update from Exoil latest qtrly.

The subsidiary of MEO farmed into the Company’s and Cue Exploration Pty Ltd’s respective 50% interests in WA-359-P and was appointed Operator. That company will earn an overall 60% interest in the permit by meeting the now completed year-3 seismic work commitment and by electing to fund 90% of the cost of drilling the first exploration well in WA-359-P. As of the date of this report, MEO had not elected to drill that well.
Interpretation of the existing seismic data in the permit has been completed, with regional time and depth maps having been constructed and integrated with well information. Prospect mapping is complete and prospect packages have been prepared. A scoping economic study for potential hydrocarbon accumulations has also been completed.