Although MEO gave up it's interest in WA-359-P it is still...

Although MEO gave up it's interest in WA-359-P it is still possible that the Zebries 3D currently being run for Apache could identify one or more reasonable prospects in the permit. Should Apache decide to drill one of these and it hits pay dirt then MOG holders will be kicking themselves if the proposed Arrangement with Exoil does not get up. There are obviously lots of "ifs" that need to become reality but IMO the small dilution is worth the risk. It's not as if there are other better opportunities around for MOG to pick from that don't require the expenditure of any funds.

Holders should also bear in mind that if new reasonable prospects are uncovered by Zebries this could provide some SP appreciation that they could sell into. Therefore, I propose to support the arrangement.

ANZ