MEO officially put the geological chance of success at Armtemis...

MEO officially put the geological chance of success at Armtemis at about 1 in 3

After watching the You Tune broadcast AGM - the confidence and body language of management absolutely ooozed out. In the boards opinion - I believe the one in three chance is quite conservative

Petrobras on board clearly vindicates my opinion

The other point that I would like to make takes statistics into account

Zeus 1 was a dry hole. So based on that - the chance of MEO stiking gold has a probability of 2 in 3 (if you look at the overall picture}

So based on my theory there is of statistics and the calabre of the oil and gas player on board - my take is there a low risk of dry hole