artemis independent valuation, page-4

I couldn't find the basis of the 13% GCOS either blurrt.

In fact I would have liked to have seen the RPS Energy report (used by MOG) on WA-360-P too but the only reference to it is:

RPS, 2009b. Alternate valuation of WA-360-P ... 16 Nov 2009.

It appears that RPS Energy were recruited by MOG to value all MOG's current and proposed assets - however they don't outline the basis of their calculations for WA-360-P.

Not having seen this report it is impossible to know the thoroughness of their valuation - whether they had access to the MEO data room etc. It must be remembered that this was a follow up report to the DMR report and the ASIC concern about the 'completeness of the information provided to the Moby shareholders'.

DMR referred to the MEO calculations in their report but reached a conclusion '"....... could not value the exploration assets to be acquired by Moby by the one methodology it believed to be appropriate, it had no choice but to conclude the Proposed Transaction was not fair"'.

I am not concerned with the MOG side of things but if the RPS Energy independent report is referred to in a public document then access to that report would be preferrable. Anything that puts a value on Artemis is pertinent to MEO shareholders.

However, I just wanted to take MEO's so called 'rose coloured glasses' off the Artemis valuation and use the 'independent' tables laid out in the MOG report.

However MEO put forward a compelling set of data and figures, have access to all the data and would have had discussions with leading geologists from other companies so, personally, I would lean towards their 32% GCOS. I believe they even raised the GCOS during the presentation at the end of the AGM??

There has been so much negativity towards MEO recently I wanted to do my own research, using the info available, to face reality and evaluate my investment in a worst case scenario.

Of course the ultimate worse case scenario would be another duster but here's hoping that that chapter will not become part of the MEO story.