Its times like these when u want Mgmnt to come out with a reassuring message abt the progress of the farmout, we haven't seen that yet frm MEO, so not sure what's going on.
Since Oct last year, shareholders have been running on the treadmill hoping & waiting for an update. Whilst the Nov. preso on Artemis was great frm a fundamental perspective, MEO's Mgmnt seems to have gone cold turkey since then. The cap raise takes their cash to $40mil, so that part looks ok for now.
I still hope they can keep their mid-Feb promise, as per the timeline on their slideshow back in Nov.
Once that update comes out, one can expect profit takers to move in b4 we see MEO announce abt the TSMP farmin & then eventually drill A#1 around Q3 this year.
Not sure abt the SP on a day like this, when Wall St. gets jittery. Lets hope MEO meets its the mid-Feb deadline promise, after all the hard yards!!
MEO Price at posting:
34.0¢ Sentiment: Buy Disclosure: Not Held
