losty,There are so many gems the doomsayers have missed.In a...

losty,

There are so many gems the doomsayers have missed.

In a document MEO prepared in May, before Artemis was upgraded dramatically in size, before the POS of the seal was upgraded (as per Nov 09 pres), before the fierce bidding intensity emerged, MEO prepared this document:

http://www.meoaustralia.com.au/content/Document/Farmin%20Opportunity%20WA-360-P%20Brochure.pdf

Read term-1 (in brackets) on page 4.

Here I'll make it easy:

"Back costs for 100% of actual costs of MEO and Artemis 3D surveys.
(Approx US$8 million to be verified by reasonable provision of information, payable at time of execution of Farm-in Agreement)"

Yes, that means MEO will receive as an absolute minimum of almost $10m in cash UPFRONT, when the farmout is announced.

MEO gave us another clue of the cash component in the latest announcement by suggesting that they plan to invest some of their cash into new opportunities in anctipation of the Artemis farmout.

The traders that got excited 4 or 5 months ago are just bitter and view MEO with a glass is half-empty interpretation.

By checking out pg 2&3 of the link I provided, you will see that not only is Artemis an extension of Wheatstone, but Pluto is part of the same structure. Then this was all upgraded and verified by MEO's OWN 3D seismic late last year.

Anyone who understands any geology would know, this is not a pure exploration well, but rather an appraisal well in my opinion.

MEO seems to think it will have surplus cash for some reason. Wonder why :-)