Juicy details are that Songa Venus semi-submersible rig started drilling the Shell Concerto-2 well in WA-371-P on April 4 this year.
The drilling program has an estimated duration of 156 days and Shell has a right to exercise up to three additional option wells with an estimated duration of 50-60 days each!!!
That's 11 months max. Meo won't take that risk. Which leaves the other option, the Nan Hai IV. Who ownes the Nan Hai IV? Answer: CNOOC
MEO Price at posting:
37.0¢ Sentiment: Hold Disclosure: Held