Ann: MEO Annual General Meeting Presentation 2015, page-6

I attended the AGM.

I specifically asked why MEO did not acquire the 70% interest from KEA. They were not comfortable assuming the extra costs/risk because they were not confident of being able to farm-out the additional interest. So MEO would not look to purchase the 70% interest even if the NZ regulator rejects sale. Unsure of the message this sends regarding the prospects of the asset.

PS made it quite clear that NZ is the current focus & MEO is determined to obtain a producing asset in the short term, regardless of how feeble (my interpretation). Believes a cash producing asset will open a world of possibility for MEO.

PS was also quite upbeat about Cuba. MEO is the only ASX listed company with an interest in Cuba. Believes it could be quite valuable moving forward once the oil market recovers.

Tassie Shoal was hardly covered, basically it might happen one day if there is a resource. This is supported by the fact there is no timeline on the presentation.

I was impressed with AP. Seems like a no nonsense operator who thinks MEO is in a much stronger position than others in this market and will look for opportunities along the way from further distressed companies. Believes just surviving is key in current conditions.

I was surprised at the small turnout and the overall docile behaviour of shareholders given the stagnant share price over the last 12 months. I know I am not alone with frustrations on when (if ever) MEO will start to return value to us. PS fielded only two questions after the presentation, one of which was mine. He did also answer more queries of mine after presenting.

ps I think I spied one non-executive director nod off on more than one occasion during the official business portion of the meeting