The heart racing reading the first few lines followed by a deflated feeling.
Another delay. No binding agreement.
Clearly, the major concern is the commitment to drill- we need an updated announcement by MEO defining exactly what a commitment to drill is. How regulatory approval fits into this process also needs to be clarified.
Secondly, I cant beleive that when the Farminee Board meets was not taken into account while doing this deal, you clearly work around when the Board meets and get your approval procedures down pat, who was project managing this deal on the farminee side? smacks of amateur hour.
Nevertheless, the fact that they are taking about an integrated LNG project means they have large pockets and clearly this is a vindication of the technicals to date. Ive been saying I dont care about the time taken provided the final deal is a good one, im still confident in this hope.
MEO Price at posting:
56.0¢ Sentiment: Hold Disclosure: Held
