Rathmore - Shell would retain the rights, only as long as NXS retained the Crux lease, which would only be possible if NXS had near term development plans, otherwise use-it-or-lose-it kicks in.
Theoretically Prelude is independent of Crux, although industry pundits have long suspected Shell have always planned to pipe gas from Crux to top-off back-end life of Prelude.
ortstock - they are O&G journo's. There is a lot of activity, a log jam if you like, all lining up for the remainder of this year.
A quick comment on cash, when MEO can do deals like it did with ENI, ie being carried to final investment decision and getting a $75m bullet, who needs cash! LOL.
I'm expecting TS action to kick-off fairly violently in the next couple of months. Ie, ENI are going to have to be forthcoming, that is pay MEO an absolute motza upfront and agree on a decent royalty, OR lets see anyone of our neighbours may have to splash the cash Berlusconi style!
MEO may not be flavour of the month or the year at the moment, but when FID of several multi-billion dollar projects is inextricably linked to MEO for reasons of CO2/raw-gas/critical-mass/ and not just TS, I'm also talking Seruway, this will move, and not by $50m or $100m in market cap, as in a quick few weeks MEO will get to a $500m MC, $1/share. The catalyst will probably will be H3.
MEO Price at posting:
18.5¢ Sentiment: LT Buy Disclosure: Held
