Shannon's Cos is 16% by MEO's estimate with a mean prospective resource
of 7.0 MMstb
Not huge by anyone's estimate.
It just seems to be a very risky venture IMHO, especially with the POO
so low and not looking like recovering in the near term.
If the oil price remains low..there will be thousands of companies with
small Puka/Shannon style wells around the world, sitting idle.. waiting, like MEO will be, for a recovery that will eventually lead to those companies running out of funds.
If the POO does recover...imagine all those small companies that remain, pumping all that
oil into an already fragile market.
MEO Price at posting:
1.5¢ Sentiment: None Disclosure: Held
