My guess is sometime in the 2nd quarter or 3rd quarter of 2016 if all the ducks line up, i.e. the farm in partner Rex shows their hand, takes up options for a greater farm in share and does the work. Given lower utilisation rates in semisubmersibles etc which leads to lower exploration cost, and despite the low POO may be worthwhile doing the 3D later this year, but again up to Rex (given Meo's lack of cash). Time will tell. If others have thoughts please share.
Despite what has been said on this forum around Shannon, the decision not to exercise its pre-emptive strike IMO was the worst of both world's decision by Meo. No farm out potential there now by Meo, and now held captive to a Yank who too me has little experience in oil and gas developments, when Meo could have gone on the front fooot by exercisiong its pre-emptive strike and then seeking a farm in partner thereafter. Lost opportunity, but IMO.
Anyway a beer will remove that memory on Shannon - so all in all in terms of other prospects, including Beehive, need to wait on farm in opportunities and the work program of the farm in partner. In terms of Rex note that they have been doing quite a bit of exploration work in Norway of late so they are not scared to explore, so hopefully they have Beehive 3D work etc etc etc high up on their agenda etc etc etc.
MEO Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held
