Yes, the only lure of NEN was cash to get over the short-term....

Yes, the only lure of NEN was cash to get over the short-term. At least we got one year's CEO wage out of the deal re $400k!

MEO needs to navigate ENI and hold firm for a good price re TS and associated Blackwood/Heron assets (including a royalty from TS sales as a big bonus). Biggest risk is cash required to resolve Origin 454 drill - hopefully Origin will pick up more equity and meo reduces to 10 to 15% to get the deal over the line.

All eyes now turn to ENI buying Shell's ES share. Best case scenario is that ES and Barossa/Caldita want TS and a bidding war emerges or they both enter into some form of JV with MEO.

TS should come to ahead by 30/6/2015.

Adl