Still think its a bit of a bluff by CUE or MOG to get better terms. But in the end it may be a bit academic as MEO appear to be sitting on a royal flush.
They have committed to drilling the well this year (satisfying the MEO/MOG/CUE agreement), they have a farmin partner, they have been working at securing a rig for 2nd half of 2010 and they have the funds (courtesy of the CR) to go alone if need be.
Since the original purpose for the original C/M/M agreement was for MEO to drill a well this year, I'm not sure if one of the partners would have the capacity to "veto" the very act unless it was some sort of sham agreement.
MEO Price at posting:
37.0¢ Sentiment: Hold Disclosure: Held
