I don't like to see the SHs of any company receive indifferent news. We have had our fair share over the years.
Regarding Rex, our new farmin partner for Beehive, I remember when we were waiting for months for news about our partner for WA-360-P. This also was just after a BOD change.
Petrobras arrived with fanfare slotting into their first foray in Oz.
In retrospect it was an ominous sign when the Petrobras plane ditched into the Swan River in the Perth Red Bull Air Race. Fortunately on one was hurt. Petrobras took over as the operator of 360P chosing the drill site. The result of drilling Artemis is now history and Petrobras are still waiting to come to Oz.
Now, history is repeating itself, as Rex becomes a new partner for MEO. To me it doesn't matter who the farmin partner is when wildcat drilling for oil. The derisking of a lead is important and, as we all know, it has beeen proven time and time again that the O&G game is a hit and miss affair.
REX comes in with a new technology that may improve the derisking of a lead. It will still take further 3D seismic to shore up the COS but ultimately it is the drill bit that tells the tale.
I wonder if the 'Rex Virtual Drilling Technology' can be used to find a sweet spot in Heron? If successful the software could save companies and their SHs a lot of grief.
I am all for innovative ideas, after all TSMP/TSLNG is a great idea to cater for high CO2 gas ..... when we get a gas supply.
Please DYOR
#:>))
MEO Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
