Ann: MEO Executes binding farm-in agreement , page-6

re: Ann: MEO: MEO Executes binding farm-in ag... Looks a pretty good deal for MEO there, and there is no sign that our management have ceded anything significant. Have no worries if PB become operator after any discovery, they are very experienced with offshore developments.

I guess the deal gives a pretty decent implied valuation to our 15%, just under 4 cps. PB spending USD80mm for the entry ticket 50%. Implies USD24mm for our 15%, ignoring the risked value of the potential follow up wells.

I guess we can expect to see about twice the 4cps in the sp in the lead up, even before possible predrill exuberance.

Let's see if a Caterina FO makes it for the QR, unlikely now I guess.

EL