market expected more, page-7

I think there is a bit of disappointment out there because not so long ago there were a lot of posts on HC suggesting WPL and CHV had put in 9 figure bids. What these posts were based on I have no idea. Also because of that we then had people extrapolate that PBS must have offered 200 million and on it goes with false expectations that MEO was going to get a cheque for that amount upon the signing of the deal. Pie in the sky but then so is a lot of what gets posted on HC.

However if you look at the total figures that PBS will possibly have to fork out over 3 wells, $70M in cash to MEO and up to $160M in drilling costs then it is indeed $200+M that MEO doesn't have to spend and indeed a fair lump of cash. Money saved is money earned.

But this announcement leaves a big question unanswered. What happened with the JV/CUE side agreement? Can we assume by the complete lack of any mention of it that MEO and PBS said enough is enough, go stuff yourself CUE we are moving on? Surely if the JV had been concluded then it would have been announced as well.

Anyway glad to see that MEO and PBS took my advice of yesterday that it was time to make a decision and move on. LOL!!!