Correct me if I am wrong but wasn't the last CR so they had the funds to go it alone if Petrobras deal fell through and they had to drill themselves.
Thus they now have more money from last CR also funds from Petrobras and they will not be going alone, so the question remains why do the CR now ? I guess we will be fully informed tomorrow, but I am sceptical.
In the mean time they have bought 5% of MOG at what could be construed as a very good price and the latest acquisitions in the NT for a pittance. So no real cash drains since last CR.
Unless there is special ann tomorrow I can only see this as opportunist cash grab when we are all expecting the SP to be going forward and if not for recent capping a whole lot more than it will be tomorrow.
MEO Price at posting:
58.5¢ Sentiment: None Disclosure: Held
