I was wondering how quickly my post would attract the attention from one of the coterie of unabashed MEO spruikers who are regular bloggers to this site.
Pretty quickly!
I'm guessing it won't be long before another chirps in with perhaps some denigration or sarcasm for good measure as I have already experienced and did not like. It was uncalled for. And all for an inconsequential observation that I thought that the oil leg would be better to drill than the gas!
Looking at past posts I see that I am not the only one to have experienced this disrespect which borders on intolerance (despite your words of apparent welcome to me).
Yes I an entitled to my view as you are perfectly entitled to your own view. Not that I could follow all of your arguments due to all the emotional buff you expressed.
Yes, I do like the acreage position MEO has - my surprising opinion. I do like the Eni Heron deal (based on my interpretation). At the same time, I DO believe that MEO will need to do a capital raising (my opinion) and for the reasons (opinions) I gave in my previous post. I have in fact used Chrystal Ball (the computer program) in the past but not for this analysis. I don't have one hanging around my neck.
Yes, MEO has built up remarkably over the past few years with the aid of some extraordinary good farmout deals. But with all the hubris, I wonder whether it will all blow up with what I believe is the risk of drilling at Gurame. AND MEO will have to wear all the drilling risks if something goes wrong with the well - just as Origin is experiencing with the Stena Clyde right now.
Still, on balance, I think that MEO is worth a punt. But I am aware of the risks and go in with my eyes open. My own judgement not clouded by hype.
Will MEO farmout WA454P in the Petrel Sub-basin? I hope so and I hope they do. I bet they won't be saying that they won't farmout if they don't get a good deal this time. Drilling 100% will not be an option this time, not without a CR at least.
MEO Price at posting:
21.0¢ Sentiment: None Disclosure: Held
