Ann: MEO: WA-360-P Farm-in Progress Report , page-13

Trackers,

You can't win against someone who's declared occupation is " being profoundly right about everything" - per user profile, and the rest is hoot too - toot toot.

Back to the subject (from the distraction), I am surprised with the trio's reaction to MEO's further delays announcement.

Clearly CUE is shifting to a hefty NZ focus, which is in addition not to the expense of other assets. Nothing in the sp for a while for this additive shift, but it will come, esp as Maari is appreciated more and more. Maari will get press in NZ, with Tui having shown a sceptical NZ investment community how successful/lucrative these investments can be. It'll also get a lot of press wrt improving NZ's trade balance. A while after the rapid cash build is discovered focus/hopes will shift to potential in the new permits.

We are already approaching being free of net debt - the power of cash build on 2000 bopd net. Per todays presentation net debt A$3mm (project debt USD20, net cash A$19mm). Maybe we are as of 20 October!!!

We shouldn't let one amplitude anomaly on some seismic drive this story. Not for nothing is the supposed value of that anomaly filtered through Monte Carlo. Real oil flowing trumps virtual gas anyday. Investing trumps gambling.

EL