Again, let’s review the facts as presented by J?rgen Hendrich &...

Again, let’s review the facts as presented by J?rgen Hendrich & MEO (asx releases).

MEO’s Good Oil Conference Presentation – 5 Sep 2011
MEO claims Capital Discipline. Acquire high equity in blocks, Farm-down interest and reduce risk. Also claims Preservation of Capital.

MEO’s Fox-Davis UK Roadshow Presentation – 7 March 2012
MEO claims Capital Discipline. Capital preservation via low cost entry, technical value add, recover and redeploy invested capital.

MEO’s Euro Pacific Conference Presentation New York – 31 May 2012
MEO claims the company is Adequately funded (subject to farmout).

MEO’s ASX Small to Mid Caps Conference Presentation – 16 Oct 2012
MEO claims their Core Business Strategy is Farm-out to fund drilling.

Q4 2012
MEO did not farm-out Serwuay PSC, and contrary to their stated Capital Discipline and Core Business Strategy continued to drill the Gurame SE-1X well 100%.

Chairman’s Letter to Shareholders – 18 March 2013
Board’s Vision: delivering top quartile shareholder returns. Current Status: negative shareholder returns delivered.
Company Strategy:
1 Tassie Shoal Projects. Current Status: no commercial success. FEED not started.
2 Existing Upstream Projects. Current Status: only 1 farm-out (partial) achieved from Seruway PSC, G2-48, WA-454-P, WA-488-P, Ashmore Cartier Blocks farmouts in 2013.
3 New Upstream Projects – participate in at least 2 high quality drilling opportunities each year. Current Status: only 1 well participated in 2013. No wells in 2014 forecast.

On objective review of J?rgen Hendrich’s performance as CEO/MD who is ultimately responsible for execution of business strategy, there is clearly a major disconnect and failure between stated strategy/goals and the corporate achievements.