can we expect ann in the near future?, page-16

Everyone,

since the close of trade today the theme of all posts has contained a mixture of anger, frustration, dissapointment, resignation (and a little hope).

I too feel all these emotions as time passes by and the share price slowly reduces at a greater rate than the ASX. Mixed data out of the USA, and debt issues across Europe only add to the cocktail of misery.

Then I read very sensible and enlightening posts by Iam, Dr Daz (and others) and I feel less frustrated.

Given the avalanche of negativity this afternoon, I re-read the latest announcement by MEO - quarterly activities on 14th Jan 2010 (not a month and a half ago), and would like to remind everyone of the following extracts from the report:

1. WA360 farmout has "substantially completed commercial negotiations"
2. "At the end of the quarter, agreements were being finalised", and importantly the way it is written
3. "MEO has offered up to a 50% interest in the permit to the preferred Farminee and expects to retain a minimum 20% interest post farm-out".

Points 1 and 2 confirm that agreements, post Board approval by both companies/countries were still being finalised, and point 3 might explain why. MEO offered up 50% to the preferred Farminee, and EXPECTS to retain a minimum 20% interest post farm-out.

You could read this to be that MEO offered up 50%, but the Farminee actually wants more? I could be over reading the sentence, but the second part is unnecessary if the Farminee is limited to no more than 50%.

Either way, as of 14 Jan we had an update on progress, the final details were being negotiated and finalised - all within the timelines published at the AGM and reposted on HC several times in the last week.

To calm all our nerves let's hope the announcement is soon, and positive.