All they've given shareholders is false hope and promises.
The only tangible thing they've got is the farmout of 50% of WA-454-P to Origin Energy. But the killer with this is that they will have to pay 20% of the drill costs which will kill them if it comes up a duster as usual. It will be very hard to farm out the 20% costs, they'll have to virtually give away most of their 50% share.
At the AGM shareholders should be demanding a massive pay cut to all the fat cats at MEO.
MEO Price at posting:
2.3¢ Sentiment: None Disclosure: Not Held