The Artemis project has been a long campaign with many, many casualties along the way.
The A#1 result was the straw that broke the back of quite a few of the patient MEOmite brigade.
Phillip
Yes, we have been there before but it always hurts.
With Heron and Zeus we had a slightly more gradual decline in the SP. Management got a lot of flak for their reporting at the time so the blunt notice this time was straight to the point and said it all.
I am waiting to see the results of the A#1 drilling but it seems pretty clear. The Withnell formation may be of interest but the Artemis gas has migrated somewhere - probably the same place Eastbrook went - evaporated??
The Artemis trap must be complex so it may be worth persisting with. There are also other Jurassic formations between the 360&361 permits worth looking at - West Zeus, Hephaestus South, Heracles and a few, not yet named, Triassic leads. The A#1 logs, when compared to the Zeus data will give the Geos more of an indication what is going on down there.
But we will now go back to the known knowns. Instead of billions we thought Artemis would give us I am thankful for the $70m (for a dry hole) it did reward us with.
As far as management credibility into the future, then all participants knew the risk which is part of the O&G game. We did have quite a number of companies through the data room, most with a similar conclusion about the 3D seismic. All future negotiations and agreements will still be based on what is on the table before them.
No other poster twisted my arm to invest in MEO. My decision had already been made through my own research.
Similarly, the large companies that participate in farm-ins spend a lot of time on their own research on the data presented to them by the operator. So to think, by presenting this data to potential partners, a company should be blamed and lose credibility for a duster then that is ridiculous.
We still have an experienced G&G team and, like us, will shrug the disappointment off and forge ahead.
Our Management team have shown that they have the (1) Company and thus (2) the LT SHs best interests at heart and will not make rash decisions. Their philosophy is that if the company's long term plans survive then the SH value must continue. The slow but sure approach keeps the valuable cash available for opportune moments as they arise.
The company is still progressing with its projects.
As far as your investment, Phillip, good luck with your decisions. It may be a while before we see any appreciation from here but we are still in a better position, both cash and assets, than we have ever been before. The shares are cheap.
Favco
I agree. The more knowledgeable posters the better in the HC forum. Some people put hours into their research and I am grateful for everything they have taught me in the O&G industry, trading analysis, life in general et al.
But then all posters are knowledgeable. There is a point when every one of us becomes the teacher. I always remember what I have learned through the innocent observations from my children and grandchildren.
Unfortunately we all took a hit but even the knowledge learned from these stumbling blocks helps us stand tall after we pick ourselves up and dust ourselves off.
This way our future successes are always sweeter.
Rallypoint
Why your post was so good it was a Zen moment in its purest form. It woke us up to the reality of the moment and the futility of what came before and after the A#1 result which was a multi-faceted, poignant moment in time, highlighted by you. The present moment is all we have and you summed it up perfectly.
It looks like we will still be chugging along for a while. We couldn't even replace our old bomb with the FJ. Your seismic interpretation was a bit out too.
I hope your daughter enjoys her piano - has it got wheels?
Bob
I hope the rebuilding of your part of the world is going well and the GOC is being cleaned up. So much heartache and lives ruined.
It is the disasters that we experienced and are ongoing in other parts of the world make our frustrations with a dry well seem trivial.
I am not saying that it is wrong for people to be disappointed, far from it. What it does show is that the resilience shown by us all is better nurtured by good nature than crushed by unwarranted attack.
But that is human nature in an imperfect world and we learn from it all.
Charlie
Gracious words and thanks for your input.
I have always found management approachable but I am reserved in my approach by asking only the pertinent questions. The management of any company deserve the same courtesy as we would anybody else if we want to make a reasonable comment.
If we don't like the management then it is just a mater of voting them out or taking our business elsewhere. I have taken this option in all walks of life.
StockbrokerBarbie
All I will say is that you missed my point. Perhaps you were too tired to comprehend my post.
I value the input from all people who bother to post on HC. I am glad they are not all the same as me as the bandwidth wouldn't cope. The reason I participated in this thread was to point out that it is that it is errant to put everyone in the same basket and pick general faults.
You have put forward some valid points since the spud and result of A#1 but sometimes it is the people who talk a lot that don't listen.
Hi gjw1957
We go back a long way and have had our tiffs in the past. I assume you your dog is well exercised during these stressful times. I hope you are still able to afford your o'seas trips and are keeping those bills paid.
I did read your posts and I am glad you are hanging in there. Let's hope our confidence in the company pays off and we made the right choice. It is a new beginning but the corner stone is stronger this time.
Like Phillip, I hope the SP soon meets your target so you can start realising a profit. I must admit, on my present holdings, your average is now lower than mine!
Hoofa
I agree. The management does know how to manage risk and they also know how to preserve the capital. Let's hope these, along with their negotiating skills, continue.
LonelyBear
As you say, HC is a good resource but best kept as a just another resource IMO. Everyone needs to develop and fine tune their own investment/trading styles.
I noticed there were so many new posters on the MEO threads giving us tips on where to put our money after cashing in a loss. What I would be aware of is the need to preserve the cash and DYOR on the next enterprise.
The danger is that a suggested stock may be at the peak of a run and, by chasing money, could lose even more. The sharks are out there to take advantage of emotions that are running high which is also a natural part of the HC community, hence the frowning on cross promotion.
Xolstis
Welcome to HC. I remember when I first came to HC after looking at other similar sites and found it refreshing to see more tolerance between posters and less antagonism. The information people are willing to share is exceptional.
When I did first post I was very nervous and didn't know what the reaction would be but after being part of the community for a while now find that we are all in similar positions and help each other enormously. It is a pleasure to see so much respect in such a large on-line community especially when discussing the investment aspects of peoples livelihoods and aspirations.
If anybody has any questions or comment on any stock there is usually somebody out there only too willing to answer.
The tireless work by the mods is commendable.
Deanno
You say 'everybody loves the good times, but they will come again'
Exactly right. The lows we get from disappointing results are coversely proportional to the excitement generated by the hype and vice-versa. This is what generates emotion especially the fear and greed which is often spoken about.
This is why trading is a pursuit in which the emotions must be kept in check. Coupled with sound TA and FA research it is the only way we can keep alert in the minefield which is the stock market.
Kiwi
Thank you for continuing to keeping it real.
We still have other permits and cash. We also have a good management team who have, unfortunately, taken us through two dusters but still have the company in a far better financial position than when they took over (6-19 cps cash backing). The permits have also been progressed and I am keen to see where they will take us next on our new ventures.
I like your idea of the blue battleship. Our MEO raft will soon be getting its own steel undies:) It's a pity it isn't the passenger liner we were hoping for.
TevezFC
I am looking forward to you leading the chant from the terraces "Victory will be ours".
Marvdog
It looks like we're back under the Narrows for a while. We've built a honeymoon suite for the newly weds. It also has running water close by. MEO said they had $100m they can lend us as a deposit for a desalination plant so we can have a cup of tea.
I hope your lovely wife is as understanding as mine when it comes to the long awaited reward from MEO.
And to all MEOmites, old and new.
Merry Christmas to you all. we were all hoping it would be better than last year, but it is not much different, apart from us all being a year older and our cash value in MEO up by 11cps.
Let's hope the New Year finds us better fortune.
#:>))
PS I still haven't got back to that other post. Christmas trees and stuff:)
MEO Price at posting:
22.0¢ Sentiment: LT Buy Disclosure: Held
