MEO are aware of the ASX protocol, so, as & when any progress is made they should update the mkt. I know what u r saying though, as we've seen them push the deadlines on a regular basis, perhaps due to the complex issue of the agreement with its PF, but since nothing hass been finalised (or is at advanced stages), it would b too early for them to announce, the 'winner' & then watch things go south. Hence the excruciating wait.
MEO are absolutely tight-lipped abt this & anyone claiming to know the 'PF' apart fmr MEO's inner-circle would b breaching a confidentiality agreement.
In the meantime, here's a link to PBR's 'international operations base' frm their 2008 Annual Report ('09 isn't available yet). This report says that they have exploration/ production assets in 19 countries, so obviously they've been thro' bureaucratic red-tapes/ hurdles b4.
U r right, oil is a certainly a political issue in Brazil, as their parliament is deadset in protecting their national interests i.e, 'sub-salt' plays.
However on an international stage, they'r keen to party with other developing nations. I read a while back, PBR granting certain concessions to India's ONGC for blocks in Brazil & recently Sonangol were block hunting over there. So yeah delays could b very frustrating in the short term, if MEO's PF is indeed PBR.
Worth checking the regional breakdown of oil/ gas/ condensate as well. PBR's 1P-2P reserves have been revised recently & r available frm their website. So if it is indeed PBR, then drilling Artemis & buying other proven assets in Oz, will add up to their 'Reserves base'.
I think MEO might b taking on the 'talent-scout' role (i.e, looking for distressed assets/sellers in the region, for a bigger player). Atleast that's the message I get after reading their Feb 11 update.
We wait for now.
MEO Price at posting:
39.5¢ Sentiment: Hold Disclosure: Held
