recovering well, page-6

I agree onetonne

It's the first time I've seen such a strong buy/sell ratio in a long time (at least for a while). The clean out worked well - we're starting from scratch so to speak.

I think management has shown strength in dealing with the adversity caused by the timing of the decision by the third party on the day the TH was supposed to end. As operator they could do nothing else but continue with the action they have.

The other party had since the 5 March to make a decision only to say no at the last minute (17 Mar). But according to the release:

'In October 2009, MEO introduced the WA-360-P partners to the preferred farminee. At this meeting, the requirement for two side agreements to be executed by all parties was tabled'

Which indicates that the partners knew of the side agreements (SAs) as far back as October last year. Were the SAs agreed to in principle at that time - I wonder. I don't think MEO would have continued if there was an objection placed at that time.

The 15 Mar TH must have been set to draw out a decision IMO so the farmin can be confirmed or not.

I will go over the ann soon but what immediately stood out to me is the statement:

'The preferred farminee was selected on the basis of the tangible benefits it brings to the WA-360-P Join Venture, including: .....

- Independence from existing and planned LNG projects, allowing the most economically attractive development option to be pursued in the event of exploration success'

Has clarified Colin's reference to independence being misquoted. The PF can now be anybody who has not invested in Australia before but will need FIRB.

And the PF wants to process all the gas in the event of success. It looks like the non signing party wants to keep their options open whether or not to sell their off-take separately.

The PF is deciding whether 85% of potentially >12Tcf is sufficient for them to continue - especially as they are willing to set up their own stand alone LNG project.

Perhaps it is not Albers at all but one of the other major shareholders in CUE. Albers is a common denominator in both Permits and one has already signed, so really this does exclude him.

I hope MEOmites held strong and weren't caught up in the early action - unless, of course, in making a short term positive play.

That's what is happening ATM. It will be interesting to see how it all plays out.

Nothing much has changed - we still have 70% Artemis and we are going to drill by the end of the year. Not too close to December though!

#:>))