the elephant in the room, page-3

longt,

the 10m from Noonday was only raised for the purposes of a prod test so without the test, we wouldnt have the extra 10m so the cash position would have been the same either way

i admit, i got this one wrong, ive been licking my wounds for a few days, but the facts are, MEO was a high risk/spec play, the rewards were incredible if it were to be a success (Gurame)

As all investors should do, I only risked what I could afford to lose, without putting the rest of my portfolio at jeopardy, and so, while the results of the past few weeks have left me gutted, I will live to fight on

IMO, the MEO mgt have some questions that must be answered....but, unfortunately, the lowly ranked retail sh may not have them answered, or at least when they want it.

Nobody should feel angry or annoyed at MEO for the results of Gurame, mgt would have too thought it would flow, Noonday, after all the due diligence they could do, still put up 10mill and its now worth about 3.5, so a large, well respected entity also got this wrong

it just proves the oil and gas game is tough, and you can never really know for sure what the resource is worth until its tested by the drill bit

the big thing that MEO mgt will have to face, is the decision to go at this alone and face the entire bill...probably in the region of 50-60m

without knowing what mgt are thinking or what they make of the situation, for me, im not going to hold the decision against them....with hindsight, obviously they should have farmed out, but thats a ridiculous comment....the techniical work pointed toward a gas resource that was highly fractured and with historical results in the region, should flow, so the facts and analysis they had in front of them would have led to a positive decision regardless of who made it

going forward, MEO still have plenty to work with...Blackwood should still be drilled, and prospects for this well are far more positive than HS, as in, the plover formation at this part of the permit looks to be of better quality and we know the gas is there, so a flow here is still a huge possibility and would result in a decent amount of value for MEO

theres blacktip, the ibu horst farmout, which IMO will all get a JV on board to fully carry MEO through drilling

the Seismics have been gathered, courtesy of the A1 CR, and so patience is now required while these surveys are tested with the drill bit

still a lot going on for MEO, its just going to take a lot longer for the valuation to be unlocked and obv the end result is not as rosey, but still, potentially a lot greater than 7c ps

to the long term holders, id say to stick at it, there isnt a lot of downside from here, most likely, just a consolidation between 6-10c for a while

remembering that if ENI decide to drill blackwood and re-asses Heron, by way of 3d or another drill, then its still game on...big time, its not over for MEO just yet, as all of us, they will live to fight on