They say a mine is a hole in the ground with a liar at the top.
Meo don't have the hole yet, just negotiations with someone who is going to buy them a hole on the basis of a picture of what might be down such a hole.
The last farminee who paid $25M to drill a hole for meo found water.
That said, the offshore pay-off is huge, if they find gas and that's why Meo has speculative value.
After the drilling, it will be 6 cents or 6 bucks - before the drilling, whether it should be 85c or 65c or 45c seems pretty arbitrary and so no real reason why it can't recover today's losses.
MEO Price at posting:
68.5¢ Sentiment: Hold Disclosure: Not Held
