First of all I am currently not a holder but am following...

First of all I am currently not a holder but am following developments with interest.

London broker Fox Davies has posted the following comment on today's news which I haven't noticed anyone else mentioning.

BEGINS

MEO Australia (BUY, A$0.55) (MEO AU, A$0.07, ? 40.8%)- Disappointing, But Not Catastrophic: To observe the ~40% decline in the share price following the plugging and abandonment of the Sainampueng-1 well in Gulf of Thailand and Eni's request for a 1-month extension to further evaluate the Blackwood option, you would imagine that these were the Company's only assets. The fact is that the failure of the Gulf of Thailand well only removes ~$2mm from the NAV ( < A$0.01 per share), but does not tell us any more about the prospectivity of the other leads and prospects that have been identified in the licence block. Blackwood is a little more prosaic, but here too, even if we make the same assumptions as the market has done, and remove Blackwood from the NAV, we would only see a A$39mm (~A$0.07 per share) decline in NAV. Delays, unfortunately, are commonplace in development as it becomes about competition for time, especially in a large organisation like Eni's where it has many assets, issues and demands to address. While that does not help the investor, it is not catastrophic either; let's not forget that Blackwood is a discovery.
We see no reason to amend our NAV as a result of today's news - Recommendation - BUY, Target Price - A$0.55.
In this news:

Sainampueng-1
Wireline logging and plug and abandon operations completed
Rig released at 19:00hrs on 9th December
Well operations were completed safely with no reportable incidents
Blackwood
Blackwood well notice deadline deferred by one month to 4th February 2013

ENDS

I too got hit on Artemis and am pondering what action to take following recent news.

EB