questions..., page-6

hi antman & daz

i could not agree more re the contradiction in the quote by meo. I am sure meo meant well but meo has contradicted the formal dot points in the asx release which are most likely cut and pastes from eni's written update to meo... this created uncertainty.

this uncertainty is what led the SP to fall, imho. From my reading of the formal summary the announcement is positive. for the prior two days there was a significant number of posts that were all doom and gloom re whether prod testing would or would not go ahead.

right now, eni is pumping in another circa $25m to production test blackwood deep. all this after spending a lot of extra cash to drill the extra 167m deeper than the expected blackwood deep TD.

ENI is production testing, imho, several zones and this is nothing short of FANTASTIC NEWS. two days ago MEO could not have asked for more!!

imho, the TH to determine whether prod testing was going to go ahead was not the correct call by MEO. it created uncertainty. this uncertainty was compounded by meo's contradictory quote in report #7. it is interesting to note that there has still not been one mention of any gas readings above blackwood deep (i.e. meo's blackwood discovery)... Is that because there were no gas readings for MEO's blackwood discovery?? imho, meo made it publicly known in repeated asx presentations and verbally at the AGM that blackwood deep was very low CoS and blackwood east should have been drilled. imho, the quote in report #7 by meo is disappointing as it implies not wanting to be proved wrong. This, imho, is validated because the quote in report #7 had no similar previous quotes (like for heron) about MEO being delighted that eni was undertaking production testing. instead the quote comes across as a negative message/signal for the market. imho, being proved wrong and still being a winner is a good thing and should be communicated as such.

eni is not production testing for the hell of it. blackwood deep has unearthed a lot of surprises. whilst we have scant information, we are production testing as deep as 200m below MEO's interpreted GWC. what a fantastic outcome. i take my hat off to eni who are doing absolutely everything to make blackwood a success. that is, eni is trying to establish a single high co2 field that will confirm both ENI and MEO have a single resource big enough for our Chinese TS partner to step up to the plate!!

I bought shares on Friday - no guarantees re prod testing but this is as good an outcome, at this point in time, that MEO could have wished for.

Adl