pbojanac,
Mostly agree with what you say except the farminee would be prevented from taking equity positions in any related entities whilst negotiations are live. An anti-predatory clause would have that sorted.
I don't lose sleep over manipulation, and neither should you. Just focus on the difference between market price and fundamental value. When you can buy value at a discount you buy, when it is overpriced you sell.
The share price of MEO is down 60%, yet Artemis fundamental value (with or without farminee) is higher as it is closer to drilling.
In fact, if MEO had no other projects at all other than 360P and it expended all its cash on the Artemis well in an all or nothing play.
On the basis that MEO could be bought as an "option" which has a 70% interest in a 12Tcf prospect which the majors believe to have a POS >32% (they are fixated on integrted LNG development ALREADY, pre-drill) then MEO is excellent value.
MEO at $150m is a cheap "option" play.
I'd say if any of the global majors could get exploration odds of this would be all over it.
The majors including the likes of WPL sink $60m+ well all over the place looking for 1Tcf here and 2Tcf there as complete wildcats!
Bare bones vals on MEO are excellent, (I've run every model developed since Abu Kamil explained algebra) hence why I will continue to buy MEO at sub 50c in respectable volumes.
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