Hey Massey, Cor' struck a chord with me there, buying and...

Hey Massey,

Cor' struck a chord with me there, buying and selling MEO for a small profit at about the same 10 - 12 cents level. Getting in thinking about the sheer potential size of the resource if it proves up - getting out through post-GFC anxiety, is the stuff of nightmares for me. A lazy 180k forgone (assuming getting out at the top) in the space of about 3 months.

What I did swear (when I stopped cursing) was that I would resist the temptation to get back on late and take the risk potentially (at the time), but in fact, (now) riding it back down.

I recall posting something about the old saying that a mine is a hole in the ground with a liar at the top, and MEO doesn't have the hole yet.

I didn't mean to suggest there have been any lies told by the way, just to put things in perspective. There is nothing to say there isn't a few trillion cubic feet of gas and condensate down there, or the same quantity of sea water, just that it will be a while before the facts are revealed.

Your decision was a sensible one, although perhaps because it reflects a similar point of view held at the time.

Before it surged, it was said that the cash value was about 5 or 6 cents, (from memory of what others posted - i have no idea personally) but I felt it was essentially a punt in a race with a fantastic prize, because the degree of likelihood can't be reliably estimated.

X or y percentage chance of success is just a market- related speculation with no real bearing on the result.

It's no good if there is a 70 percent "chance" if the fact is it isn't really there.

The euphoria about the prospect of it being there seems to have taken hold, but even a major name as a farm-in partner has no bearing on the outcome, only on the sentiment.

PS Not trying to "downramp" MEO, and haven't kept abreast of the direction of posts since since failing to make a "GFC- correcting" quid out of it. I hope there is a great deal of hydrocarbon in whatever form down there.

Presumably, there was a dirty big forest there a squillion years ago, and where the resultant hydrocarbons reside is a matter of geology. Certainly, there are plenty of gigantic examples of their massive accumulation in the neighbourhood.

Back to sobbing into my beer...