perspective

I'll save everybody from reading a very long post as we have covered much of the potential of the Artemis prospect, however I thought it timely to remind ourselves why we are in.

We know from the seismic (click on image at bottom of this page, then read point 4 http://www.meoaustralia.com.au/page/Projects/ ) indicates that "Wheatstone extends and is rising into WA-360-P.

Chevron last year, reached agreement to sell gas from the Wheatstone project to Tepco in a deal worth $90 billion.

http://www.businessspectator.com.au/bs.nsf/Article/Chevron-inks-90bn-LNG-deal-with-Tokyo-Electric-Pow-pd20091207-YGQBA?OpenDocument

The development cost is expected to be about a quarter of this:
http://www.theaustralian.com.au/business/mining-energy/wheatstone-lng-plant-to-cost-21bn/story-e6frg9ef-1225791147645

Now, I don't suggest we extrapolate margins here, but merely highlight the scale of these operations - and this is our next door neighbour.

Althoug MEO only hold 70% of Artemis, the Artemis target if gas-bearing is expected to be twice the size of Wheatstone.

As JH has indicated, a global brand name planning to enter Australia has recognised the potential of Artemis, and the farmout deal we expected in the next fortnight should reflect this.

Even at 20%, success at Artemis will transform MEO.

THis is why we are here.

Hopefully in a months time, we will be discussing things other that whether sombeody pushed the sp down 0.5c!

Stay cool people.