the boy who cried wolf, page-21

Hi Ort

The MEO management have let shareholders down. Not because Heron and Gurame didn't flow, or that the blackwood option was extended.

Shareholders have been let down because MEO should never have departed from its business model. The business model where they obtain large stakes in acreage cheaply, contact seismic and farm out to cover drilling costs).

Going it alone on Gurame and farming into Thailand was dumb. I think the management team were so eager to be successful that they took on to much at one time. Without Gurame and Thailand, MEO would have $50m in the bank and less shares on issue.

Instead the company finds itself low cash and down on credibility.