On reflection

On reflection, I'm think we can do better deal wise should we go with NEN Merger.
They have $20M to throw in the pot and that would help considerably, however they have little else. After doing ballpark figures, we would only be getting around 40% share value, if I've done it right, someone else may be able to elaborate further on that.

We on the other hand have possible farmouts, Breakwater (Q3 2015) and TS in discussion to early 2015, not done deals, but at least brought to the table. Knowing our luck in MEO, if we merge Breakwater will likely be a success which would be a bitter win to present holders in that situation.

NEN may want a sooner than later deal to meet their agenda and avoid Env. TO possibility. If that's the case IMO a merger of equals being 1:1 share issue then consolidation of 5:1 price would be more equatable to MEO investors. Should we get that far, I say a 5:1 consolidation to allow for future raising's if required. Roughly that would put merged company shares at around 250m give or take (I did say roughly).

I don't think we are in immediate dire straits and can afford to wait 6 months to see how farmout's and TS resolves.

In the mean time I wouldn't mind MEO giving more attention to continue streamlining and reducing Admin costs.

I still think TS would be quite profitable to ENI even if just used for gas separation, storage and loading facility or pipe to Darwin after separation.

My point being if NEN Board/Management get more desperate, we should get a more 'equitable equal partners' deal.