Xmas in July has come early for Meo. A bargain to get a producing (Puka) well as a Meo asset – that is once POO increases – with then a 100% interest in Shannon which then opens up farm in opportunities for that prospect with Meo in the driving seat (that is, should Meo need to pursue that option for Shannon in the event a capital raise is not possible in the current low POO environment – I think Meo will probably end up needing to develop Shannon by farm in though).
If the Meo BOD stuff this up then this, I think, will adversely impact this company’s standing with shareholders as this is one opportunity that appears to be a no brainer. IMO Meo needs to plays its cards right. I have googled Caliera and have no idea why they are even considering moving into O&G since they are a pension, wealth and heath fund (http://listings.fta-companies.co.nz/l/120228370/Caliera-Fund-Ltd-in-Auckland). In my post of yesterday I said the low POO may bring things out of left field – I am still trying to get my head around this one though.
Whatever Kea are up to, I think, a part of that is to draw out Meo. I thought Kea wouldn't have made any announcements until say Sept since drilling is not required until end 2015 hence my suspicion on what Kea is up to. Meo needs to play its cards right here. Meo has been presented a very cheap option to gain a producing well when POO increase and a 100% interest to a potential good oil deposit in Shannon.
To the Meo BOD – don’t stuff this up.
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