ME at 24c, is heavily oversold102m cashheron JV to be concluded...

ME at 24c, is heavily oversold

102m cash

heron JV to be concluded in Q1,11
this will likely get meo some more cash, and the chance to appraise the heron field and perhaps find 5tcf of gas

to account for the likely cash costs of drilling 1-2 wells, i think 15c is the cash backing we need to keep in mind, current SP at 24c, with upside back to 40c+

meo's dream of discovering gas is not over, not by a long shot, and at these prices, they are a bargain IMO

if they can get into heron and discover some gas, its likely going to provide more cash, a stronger SP and perhaps the ability to turn the focus back to the NWS, in which i still believe gas can be discovered on MEOS permits

will be a hard road ahead, but im buying more MEO