new strategic direction and repositioning of meo, page-4

annual report nor TS value realisation makes no mention of presentation to ES partners - because there wasn't one.

ditto above re chinese equity investors - because no supply means there is isn't one.

the extn granted to eni post TS value realisation was to allow enough time for eni aust to go back to eni hq and see which option is the preferred way forward. it really is very clear. let's say e.g. that eni intended to always have another go at heron. better option is to delay this investment, use the up to $120m to buy TS, heron and blackwood from meo, and focus on progressing ES and TS. only hold up on this approach is that eni need to buy out shell to easily progress TS. ducks need to line but luckily shell have been looking to sell investments for the last six months so hopefully some progress there already.

meo will be patient and go back to shareholders for CR to cover any 454 blow out if no farm out can be reached.

even if eni elects to increase blackwood to 75%, eni do not have to spend any funds in a great hurry as more research, costings could take years and time is something that meo does not have.

eni in box seat assuming no one else wants TS...

adl