percentages proposed for meo, mog & cue, page-8

U r right with the breakdowns, its 70% MEO-15%-15%

MEO r the operator for WA-360P & r farming out their 70% stake to 20%. The farmout will reduce their drilling & dev. costs & with $40.3m cash on hand, they look well funded.

CUE's 15% is free carried, so they r good (& are also a producer btw). With cash of $18.1 mil they look allright for now. Their recent qtrly had a very bullish statement which has gone unnoticed on this forum. CUE (on page#3, qtrly cashflow) said that, "MEO were irrevocably committed to drilling A#1"

MOG is a risk IMHO, after their 2 recent wells, they have just $2.561mil cash. With no further drilling planned until A#1 in Q3/4 this year, I'd expect a cap raising frm them, just in case there r cost blow-outs at A#1 and $2.561 mill will not cover their 15%, IMO. MOG's admin costs for the next 6 months will drain this cash register further so a cap raise can't b ignored, unless they want to flog their 15%, which can always happen given that any major would prefer to run the show rather then have too many heads around the table. That's the only +ve I can think of for MOG, for now.

Just my thoughts.