Yes, I paid a lot of attantion to that part of MOG anns today. They are in real trouble. (I was holding MOG shares and sold them at 18c on the anns spike and bought MEO)
"the Company will seek to raise funds, whether by farmout, by partial sale of assets, by placement of shares (and options) or by new shareholder entitlement issue, as and when considered appropriate by the Board, in order to satisfy the facility"
Raising funds would be nearly impossible for MOG as they have done a placement of shares just recently, and a unsuccesfull drilling followed it later on. So it is very hard.
Farmout optin is also very hard. MOG does not have any tenements ready to be farm out easily (other than Artemis which is already gone).
Options; I don't think anyone would buy MOG's options. "options" is not an option to raise funds either.
Sales of assets: That could work ! That's what I was talking about. But which assets. Only Artemis is a clear cut for us. Interest on the permits of MOG is shared with other Albers entities (he has many companies holding the shares of each permit. I don't know why he is doing that!)
Albers was very happy with what MEO has done with Artemis. I think he will be more happy to involve in MEO's acitivities. You are rigth to say "it could be a done deal with MOG...matter of time before something is announced. I can feel that there is more in the air with MOG."
By the way I would be very annoyed if Albers would come on our MEO board as a major shareholder as I don't like his way of making business. He would be an interference on our business activities.
Cheers
MEO Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
