Some very good posts guysFrom my point of view and posted...

Some very good posts guys

From my point of view and posted previously, management have really let shareholders down. Going all in on Gurame was just plain bad business and contradicted MEO model. The model that I think all shareholders bought into. They broke the fundament rule.

A66 pointed out quite rightly that MEO will finish the calendar year in fundamentally worse shape than it started the year, and I'm not talking about the share price.

Others have pointed out that MEO still has some good assets and upside. I agree with the first point hypothetically and if certain things go MEO's way. However, the share price hasn't got low enough yet to justify taking a risk on uncertainty.

I always buy looking for a 100% gain minimum. So, if the share price doubles from here, which represents a market capitalisation of $85m. $85m for what?

A handful of permits that are yet to be farmed out, low/no cash, 4 failed drills, blackwood options looking uncertain, a management team sucking out $2.5m in administration costs every quarter, and a tassie shoal concept that hasn't got off the ground in years.

I'm not saying there isn't money to be made. But the sooner this hits rock bottom (5 cents per share in my view) the better. It is only at rock bottom that investor will see a favourable risk/reward ratio and funds flow back into MEO. Albeit, that management have lost the fair of many and the company will be tarnished.