strauss - another great post.
1 correction.
you mention
"1 year on and MEO have done it again with Italian giant Eni free carrying us through at least one well and possibly more with options over Blackwood"
Really, Eni are free-carrying us over at least two wells (H3&4), if ENI only drill one well, they end up with 0% equity! Blackwood however, you are right, this is "only" once well.
you comments about deal-making, agree.
MEO has all the ingredient to succeed quickly, namely flush with the green stuff (cash, not algae), experienced techos and dealmakers, excellent O&G resources, but TS is the big one and MEO have been telling us for a while now, louder and louder since the AGM that TS WILL HAVE ITS DAY!
Lets ignore TSMP aside for a second, just on an LNG basis, TSLNG is approved for 3Mtpa. MEO would have no trouble selling the rights to TSLNG to say ENI-JV for $50 - $200m in a development case scenario [given major capex savings]and a "small production royalty", say of 2.5% on an overriding basis.
On the 3MTPa TSLNG plant, this roylaty would be worth >$50m ANNUALLY, NET TO MEO. Put that on a PE . . . and we are in Rinehart/Hancock territory.
These are the sorts of stocks that are perennially misunderstood, until one day, you get smacked in the face with a T/O or other value crystalising event and think to yourself, I knew this was going to happen, I should have bought more!
Going to make this one worth my while.
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