About to leave Jakarta.Whilst rowing out to Evans Shoal...

About to leave Jakarta.

Whilst rowing out to Evans Shoal yesterday morning, I had a series of premonitions that go a little something like this.

NT/P68
Both MEO and Eni are of the view that Blackwood East is a potentially substantial resource. MEO expect Eni to drill Blackwood2 in Q2 next year. Now the big fish. Check out slide 3 of the technical supplement. Greater Heron is huge. DM described HS1 as exceeding any predrill estimates, with the Plover open at depth (no GWC), and the secondary Frigate formation coming in very very fat. DM also mentioned this formation was proven to be productive at H2. HS1 was not wireline logged to TD, But based on LWD, this is a monster pay zone over a 500m+ vertical closure. Eni are throwing everything at cleaning up the 200m bottom hole section, before casing. DM mentioned getting the drill bit down there to clean the section if required.

Gurame
The well appears to have come in exactly as expected. Gas saturated, highly fractured and 237m of gross pay in the Baong. Essentially as modelled, just like I speculated at the beginning of this week. It appears the forward plan may evolve, but MEO are sampling, which sounded very much like liquids, but lets see. Ibu Horst sounds like a done deal in terms of farm out. JH suggested gas prices of $10 being achieved in North Sumatra.

Thailand
Anchan1 is a waste of time, but the same top hole section will be deviated to drill S1, hence saving MEO some drilling costs. Interesting, and A1 about to spud today.

454P
Parties already gone through data room. Marina1 likely to be upgraded. Additional upside in block not including Breakwater. Expect a cracker JV deal here.

Ibu Horst
Expect some huge structures to be confirmed and to spearhead a monster far out to incorporate Gurame.

ACP's
Excellent seismic defined some large targets. MEO has already fielded unsolicited interest.

TS projects
Methanol estimates TSMP to come out shortly. Compelling opportunities.

Corporate
Excellent corporate governance, directors took their roles very seriously and all believe in the future of the company. There are many irons in the fire in terms of farmouts and new ventures, so level of activity will only increase.

Cookies
Nice choc chip cookies with a stray Tim tam.

General
MEO appear to be making their own luck. Based on current drilling activity, and based on the current price, the risks appear to be very much to the upside.

Wedding
I missed the reception, but from what I gather, the nuptials progressed satisfactorily. My daughter's gardener mentioned she bumped into mr WCE, as well as a major fund manager, but take that with a grain of fertiliser.

Joining a few dots together and one does not need to be an optimist to recognise that things are really coming together for MEO.

I'd love to say more, but with manager of SOEL away in Melbourne, I need to paddle the raft over to Hercules to hand over a spanner to the rig. Something to do with MDT