thurs 11th, page-36

Analyst 66

Whilst I agree with your comments, a couple of further clarifications.

1 - HS-1 is likely to already be a discovery. This is not a measure of commercial prospects, but does reflect that a well did "discover" HC's in a proven reservoir.

2 - Eni published a magazine in April 2012 indicating they would drill B-2, then at SEAAOC also spoke of it as a sure thing.

The formalities aside (MEO receiving formal notice), Eni's publicly stated intentions are enough for me to get a sense that they mean business.


I'm looking forward to getting the SPP overhang out the way, getting some decent results from HS-1/Gurame SE-1X and focusing on the things that matter. If MEO need some cash after these wells, maybe IR at WHTM can run a book build for a $18m placement at 35c, by issuing shares on issue by a relatively low 10%, and get some investors with some backbones on board. You cannot build a company with S/T M&D's only interested in a 7.5% O/N scalp!