beleive it or not its happening, page-22

The other issue that some posters are not taking into account is that u can't compare normal land based mining to O & G exploration. The latter is hugely expensive and it is very difficult for governments to find explorers to take up permits. It is even harder to find enough Australian companies that have the expertise and RISK CAPITAL to get into these ventures. That is why most O & G exploration companies operating in Australia are foreign.

The world is littered with countries trying to get enough interest in their exploration permits and the big boys pick and choose the most promising permits. MEO is not alone in trying to find a farminee. There are numerous small cap ASX companies presently trying to farm-out permits they control (both in Aust and overseas).

Furthermore, importing vast amounts of petroleum does much damage to your balance of payments, something that govts. are usually sensitive about.

In the context of the above environment, the govt. and it's instruments like the FIRB will not want to be seen standing in the way of any exploration that will ultimately benefit us regardless of whether the company is foreign or not.

That is why farm-ins are virtually a formality from an FIRB perspective.

ANZ