ensco 109, page-5

Hi mrmoshe

On the ball as usual - it's been a long journey from H2.

ENI would have put August on the Environment Application to be on the safe side as this would be the absolute deadline PTTEP must hand over the rig.

I don't think there will be any weather (cyclone) delays leading up to July so the spud traders will be coming on board soon and the usual BESBS swings will begin.

I have a feeling the one well option is B2 (depending what's translated from seismic cube) as ENI have only 365 days from the completion of the Viking II) survey (5 Jan 2012) to exercise the B2 drilling option.

Judging by ENI's attitude so far, they will want to move quickly on a decision re NT/P68.

MEO are certainly continuing to sell their wares with Robert Zammit's upcoming trip:

* 7th Methanol Conference - Shanghai *

MEO's recent Annual Report covers have been a Chess Board (2009), a Jigsaw (2010) and cracking the safe in 2011. These are symbolic of the complex nature of MEO's task over the years.

It is almost checkmate after a great game of chess in the Bonaparte region (esp Santos) whilst the last few pieces of the jigsaw are being put in place, to unlock the value for the long term investors who never gave up on the company's vision.

#:>))