Hi all! Long time no speak. First of all I've been all-in cash for the last few months which lets you know what I think of the value in the market generally at the moment, hence my absence.
Anyway down to business: I take it from the MOG announcement today that MEO is now agreeing to fund 100 percent of Artemis irrevocably, which means WHETHER OR NOT THEY HAVE THIS PARTNER! I'm of the understanding that they had to do this or they would have lost their ownership if they did not commit by Dec 31? as I recall.
So now there is drilling certainty and ownership certainty of Artemis for MEO and also MOG/CUE. I also assume this deal with the farm in partner is now 95 % of the way there and now there is just binding contracts to be signed and FIRB approval. I would guess binding contracts would have been preprepared and could be released to market any day now? FIRB would take a few months one would think. The most encouraging news today was the fact they FINALLY talked about securing a rig which means drilling this baby is now certainly going ahead.
As always intimated it looks like farminee will be getting 50 percent as planned of Artemis and should then fund 100 percent of drilling of Artemis of the all important first well.
I am a little dissapointed Jurgen said drilling will be in second half of 2010 as I had always pictured FEB/MARCH from prev company announcements but I guess if this can pull a KAR (especially on the pre-drill run up) come 2nd half of 2010, it will be worth the wait.
Cheers
MEO Price at posting:
46.5¢ Sentiment: LT Buy Disclosure: Not Held
