Had difficulty posting earlier today but wanted to say disappointing and to blunt pathetic. $500,000 to take all of Shannon/Puka is a pittance compared to the $4 million Meo paid through its work program to get a 30% interest.
If Meo can’t afford $0.5 million wondering just how Meo is going to pay for its share of drilling in Shannon (when it needs to stump up the funds). IMO, buying the lot would have given Meo a better chance of finding a farmin partner willing to provide free carry for drilling. Meo better have an iron clad agreement with Caliera that Caliera fund the whole drill for Shannon in return for Meo not executing its pre-emptive strike rights (but doubt it).
At a loss here, as the Meo decision makes little sense too me, unless something else is going on in the background relating to Shannon. I hear the issue of funding for Meo ,but funding for drilling will still be a concern for Meo next year anyway if Meo has to bear 30% of the cost for drilling Shannon (and I presume Meo’s share of the drilling cost will be greater than $0.5 million in any event).
MEO Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held
