Good morning allI hope everyone enjoyed stirring up the Meo...

Good morning all

I hope everyone enjoyed stirring up the Meo hornets nest yesterday as much as I did.

Great reactions and confirmed the crazy emotions involved.

Lesson 1: Don't invest emotionally.

The fact is we do not know if there is gas at Artemis at all. I remember the Heron well that Meo drilled 100% cost to themselves. Shell had drilled it years ago (mid 70's from memory) and walked away. The Fugro siesmic looked good for Meo. Ok it flared but Meo took a bath. Meo should have farmed it out and derisked it. They didn't and got burnt. Toulhurst was pumpimg the stock big time with a $3 to $4 or so upside.

Lesson 2: Only the drill bit proves success.

Zeus. Yes this was a relatively high risk well. But Meo marketers told us it contained between 5 and 15 tcf of Gas in place. Wrong! (Sound familiar?)

Lesson three Only the drill bit proves success.

So what can we take from all this and yesterdays non announcement of JV partner?

Answers:

1. Don't rely on a major farmin partner announcement to bring you wealth.
2. Derisk your investment in this sector as much as you can. Do your homework and trust proven and conservative management with a track record and a good healthy diversity of assets run by proven operators.
3. Success only comes from the drill bit, not 3D siesmic and certainly not research notes and marketing hype.
4. Don't get emotional.
5. Don't invest in this kind of speculation if you do not understand it and are prepared for the risks involved.

Why I like Cue? Simple. It is a cash flow producing company with high upside exploration potential without the risk. And it has a good exposure of many projects run by world class operators. Can you say the same thing about their current WA 360-P partner? I cant, be if your answer is yes you are either in the wrong game or are simply prepared to carry a much higher degree of risk. You need to ask yourself is an extra 5% of Artemis worth it?

out.