Yeah well there is no point in hiding, I had to protect my capital. I need funds around mid year so I was taking safety precaution. Unfortunatley it didn't time well for me.
I think it still looks pretty positive. I mean they are try to negotiate with the JV that won't budge. If that fails the big guy still might go through but only receive 85% of the side agreement. If they bail Jurgen will re-open and Woodside or Chevron will snap it up very quickly. If not the last play is MEO have the funds to drill.
If I could hold long term then I wouldn't have a problem with the current scenario because in the end it's about what comes out of the ground. Not sure yet if I am going to buy back about half of what I took out but I will watch the SP and see what happens. I still think this stock could rocket to $1 if the announcement goes through.
MEO Price at posting:
36.5¢ Sentiment: None Disclosure: Held
