dont really think it means bad news or the inevitable that MEO will drill themselves is going to happen. In fact it does not change much at all.
It just means that in the situation that the farm-in stalls and they have to drill by themselves, this is the path that will be taken.
This is positive for all long term holders as it means they do have a drilling option lined up and MEO will meet its drilling committments.
MEO managment have to hedge their bets and proceed with securing a drilling option even if the farm-in is highly likely to proceed. If management did not do this they would be called negligent by Share holdrers.
MEO Price at posting:
36.0¢ Sentiment: LT Buy Disclosure: Held
