this is not too bad eitherMD & CEO Jürgen HendrichMEO’s primary...

this is not too bad either
MD & CEO Jürgen Hendrich
MEO’s primary focus has been on farming out WA-360-P in which we hold a 70%
interest. To attract a significant global player, we need to offer a substantial equity
interest. As such, we are willing to offer up 50% and retain 20%. For this, we
expect the incoming party to reimburse past seismic costs, fund the drilling of the
commitment well and in the event of a discovery, fund MEO’s residual 20%
interest in two additional wells.
Notwithstanding the financial crisis, the interest in our farm-out has been very
strong and, without exception, every company that has visited our data room were
pleasantly surprised at the quality of our technical work. Indicative offers are
currently being progressed towards a binding farm-in agreement and the Company
remains on track to complete a transaction by 30th September 2009.
In relation to our NT/P68 permit (90-100% interest), we are currently in the
process of extending our tenure to the block and are completing technical studies
prior to embarking on the farm-out process early next year following renewal of
the permit. We have already received a number of unsolicited approaches by
large, global E&P companies who expressed an interest in farming into the permit.
MEO is therefore confident that we will attract a suitable partner in this permit
once we formalise the farm-out process.