Seems we have reverted back to a simple farm in deal i.e. the integrated LNG project deal that was announced previously has not been executed, presumably due to CUE's part in the whole thing, although Petrobras have an option to become operator in the event gas is found whatever that means. Good move on managements part, get the farm in DONE, use Petrobras's expertise to drill before the December drill deadline, deal with downstream LNG plant issues later. Shows also that Petrobras wanted this farm in bad. Front up cash bonus of $31m on FIRB approval being received plus back dated cost recovery seems like they needed to wheel and deal to get the head of large cue.
MEO Price at posting:
44.0¢ Sentiment: Buy Disclosure: Held
