If they are appraising updip from a Japex discovery well (no-GWC encountered) on a proven structure and this is completely validated by the new 3D, then best we cover the relatively cheap drilling cost and keep 100% equity instead of giving away a large equity share for a few million dollars.
Juaro is the main target, it is estimated to have 350 MIILION barrels of recoverable oil. WATCH THIS SPACE. This is a very high impact well. Net recoverable reserves to MEO higher than Artemis, yet this well is on a proven structure.
This is worth several dollars per share on success and provides the boost in the sp, given we hold 100%.
Then once we have drilled this well, we can bring in development stage partners likely to be similar to Gurame and KL.
MEO Price at posting:
20.0¢ Sentiment: LT Buy Disclosure: Held
