I know that I have been critical, I whish I knew what could be done to revive MEO because it has been a very interesting company to follow and invest in with its high risk/high reward wells and ability to attract exceptional farmins.
There was lots to like and I really thought that it was going somewhere with $100 million in the bank at the beginning of 2012 and with a free carry of a well at Heron South and possibly another at Blackwood.
So what a downer it turned out to be. I could live with the failure of HS-1 but find it difficult to understand why the company proceeded with farmins that require it to accept drilling risk, particularly 100% at Gurame. In addition I believe that another well is required on the Indonesian block to retain it under the farmin agreement. MEO hasn't got title yet.
I would really like to be positive about what is happening with the company, but find I can't be with what has been announced recently. And I am not being negative for the sake of it. I haven't commented on the cmpany for several months awaiting this promised announcement by the chairman.
MEO Price at posting:
7.4¢ Sentiment: None Disclosure: Held
