game is over, page-7

With respect guys

Nana

We don't know what is going to come out of the Heron data room so until the 1st or 2nd Q 2011 we will wait for the outcome.

As far as trust in the management - the Farmees must have seen something to aim at so they took the risk like MEO and their SHs. The fact that the wells (A#1 & Z#1) turned out to be dusters is a disappointment but they will go back and see where they go from here.

As far as the intos are concerned, they must have seen something, either in the Artemis gamble or further into MEO's other assets. Who is to say it is not them accumulating now. Somebody has deep pockets to absorb the volume since the duster.

There will be a time when they make strike the big one but, as you say, it is up to every SH whether to hold on or get out because it does take time to build a company.

For those waiting to get on board, both ST and LT, it is in their interests to drive the price down as low as possible. Good luck to those waiting

As far as wasting money, I can't see that they have up to now. If they do spend some of the $100m who is to say that it will decrease the SP. The CEO has already said in the AGM that they will wait to get the best possible deal before they release any funds. Who is to say that the big deal they are waiting for is not just around the corner?

To compensate a possible failure at A#1 they could have invested/squandered the money elsewhere by now. Who is to say they are not waiting for that special opportunity to arise. The management team has been around for a long time.

Boydy88

I agree, the farmout and production test of Heron North (not Blackwood yet) could give us 5Tcf LNG quality gas. Even if it is high in CO2 then it will be suitable for the TSMP. We also own 100% Blackwood which also has potential for Methanol production.

Before the Tassie Shoal projects can get off the ground we do need gas from the area. The potential gas in Artemis was only a resource to fund the TS projects. The Bonaparte basin permits with TS is a project in its own right.

cheapcharlie

I think MEOmites should be given time to absorb the shock of the A#1 result. As people air their excitement they sometimes air their disappointment by putting forward some way out theories. This is part of the broad spectrum of people in cyberspace. If one person is thinking along those lines there may be others too.

I still don't know who decided on the site of A#1. It was probably a joint decision between the PPS. Not that this is a conspiracy theory - just a point of fact.

Other posters who downramp MEO say there is no gas in Heron or Blackwood. Is this not a conspiracy theory also, that MEO management are making false claims.

Like I have said before, to get a balanced discussion, I wish people who find individual posts 'embarrassing' would address each individual post for discussion and not generalise. But perhaps I should stop beating the same drum.

As far as the 5m trade at open, it may or may not be linked to the announcement. There was nothing in the announcement that wasn't already known to those who DYOR anyway.

postlapsarian

I was expecting a progress report this AM. The original course of events was to be a progress report every Wednesday.

Why this was not released prior to open must have been due to the administration either at MEO or the ASX.

If the report was released before open the large seller would probably have sold their holding anyway so I don't know what the difference is. Who is to say the large sale was not manipulation anyway. MEO is a volatile, high risk trade so anything is possible.

The large volume has been absorbed yet again, as it has since the duster announcement. The massive trade on open and the progress report has only meant a 1c drop so far today.

This is not to mean that it won't keep on going down. That is in the hands of the 'smart' traders.

As far as ASIC and ASX looking into anomalies in the market: I have been in contact with them a number of times regarding the manipulation that is going on over a number of stocks - especially with algorithms. At least their denial and inability to act is consistent to the point that concerned individuals give up.

If you contact ASIC/ASX you will probably get the same response I invariably get, which is, it is just normal trading.

rooster6

Are you saying that they did not encounter a pressurized zone at 2,963m?

Calypso, the first of the target reservoirs, was estimated to be at 3,275m so it would be a long shot that the seismic was so way out that this gas zone was part of the target reservoirs.

Ya and I posted charts to show that this was probably part of the Withnell formation.

In the same report it says:

'Present activity is circulating 11.0ppg mud to enable resumption of drilling operations including running the contingent 9-5/8in casing string before drilling ahead to the primary objective.

which to me says that the gas zone was not part of the primary objective.

I hope we do get a further report on the gas zone that was encountered. If we don't then it wasn't important.

longt

You have said it all. The market now is for traders not investors.

Like hotrock1 has said, the only way for investors to compete is to become traders - and the traders will wait until their best possible entry point and they will do all they can to reach that point.

I am generalising about traders now but I am only saying that because of the content of your post longt.

BTW it only took 5 months to go from 6c to 82.5c so the volatility of the stock is assured and I am sure you will make plenty of ST gains out of it yet.

For long termers, it is taking time, but if we are willing to hold some good luck will surely come our way sometime. Perhaps we should start trading too?

Remember, keep on the right side of your trades when possible. Observation and timing is everything.

But that's the speculative nature of the O&G industry and the risks we take.

Final note on Artemis

It has been a long road for the patient LT holders with the farmout, 6 month confidentiality clause, the wait for the rig and final failure.

'Lighthouse' did make some points about the outcome of the studies of A#1 and where the gas may have migrated to.

I was going to offer my thoughts but there is insufficient information about what is a complex trap. There are plenty of well qualified G&Gs in MEO and PBR to look at the results and see if it is worth looking elsewhere in 360P. Perhaps even 361P. If the JVO re-visit the Carnarvon Permits, I will look at them again then.

The Law of Economy indicates there has to be a point in time where acceptance must be taken. I will now look forward to Heron, Blackwood, TS, AC/P50&51 and whatever else the future holds.

I still feel the SP at cash backing is a good launch for the future. Like 'longt' said it did recover from cash backing at 6c last year.

But that is my decision and I don't believe it is ramping. If it is seen as ramping then so be it. It is up to the individual to decide for themselves by sorting through all their own research.

In the mean time I would like to wish MEOmites a Merry Christmas and a Happy New Year. I have had fun listening to all your comments and the way in which we have helped each other throughout these trying times.

Let's hope 2011 sees us as wiser, more successful investors/traders with a little more luck going our way.

#:>))