There was potentially 13 TCF in WA-360P (Artemis-1) however it was never rated as a 100% GCOS, i only ever read 32% (which sounds more realistic as 68% chance of failure). Traditionally there's a 90% failure rate when wildcatting.
I dont know why a few on here (one in particular) seem to think they were guaranteed success and feel dudded when it came in dry. If you ride a drill through to TD, you take on the risk or rewards that comes with it. Wrong sector if you want a guarantee of success, buy a bank or Woolies.
It was a wildcat well in Elephant country, so any management that can pull that sort of coin out of drilling a duster should be commended! They played the odd's of success at A-1 well in my opinion by doing the raising above 0.50.
In Petrobras they attracted the world's 5th largest company to the table for their first foray into Australia waters. They had been waiting 15 years or so for a target that suited their criteria and they chose WA-360P. Not achievable by idiots.
Don't know why some here think MEO pulled off some of con job on Petrobras either. These guy's are not amateurs and would not only have been impressed by the seismic and data but in MEO management also. They knew what they were going for.
Like all small exploration companies the share price fell becuase they drilled a duster and it was going to be a year plus till the next action with the drill bit. That time is now, and not just a one shot and then another year wait again this time. Multiple well's in the next 9 or so month's and into proven territory.
I have no problem at all with the drafting of Rob Zammit either who add's further to the quality crew already assembled through which they should be able to avoid a problem a lot of junior's have in that they lack the skill to convert a find into commerial production reality. No shortage of business talent as well as technical for mine.
MEO Price at posting:
24.5¢ Sentiment: Buy Disclosure: Held
