caterina drill, page-8

Nemu,

If Artemis is all it's cracked up to be over on the "other" board, then surely it would be the pf lining up to bend over? Plus there'd be a queue trying to replace the pf?

The only conclusion I can draw from the pf/MEOs behaviour is that the Artemis prospect probably looks pretty marginal from the perspective of a player offering to drill on say a 2 for 1 basis. That MEO really is desperately down to the one and only party sufficiently interested that they were "nearly" ready to sign on those terms.

But as we know near is as good as a miss, and feet can get very cold as over the course of 8 months a supposed gas glut has swept over the world, and MEO (the pf's negotiating counterparty) is looking in an increasingly vulnerable position from which to extract more favourable terms.

To expect CUE to bend over for the pf, and forfeit rights as an act of charity to MEO, in order for MEO to avoid ceding more to the pf, is really something well beyond naive.

CUE has longstanding successful JV partnerships with STO,OMV,OSH,HZN and Todd.

Of all the many deals, technology partnerships etc struck over the years by MEO, which one has endured? Why was it never able to access the "ideal" Evans Shoal gas?

Fortunately CUE has strong wide awake leadership.

EL