prosperman - unless you are an insider, we can only go on what management are telling us. The reality is MEO shareholders were misled by previous MEO management. I am not the only MEO shareholder that was given representations by MEO management, including at both HQ and in public forums such as an AGM, that proved to be false.
Water under the bridge. We are here now. PS appears more ethical, but ethical alone doesn't build a company, you need foresight, determination and innovative approaches to make it work.
At this price, MEO simply is an option over TS going ahead. Having said that, Cuba could easily result in a farm down from 100% WI to say, 50% for an incoming farmin partner, MEO down to 30% and PetroA down to 20% (they hold a back in option).
Such a farmout for say $10m cash plus $10 - 20m into the ground would to fund the work program would be entirely reasonable. That would put a rocket under MEO's SP as it would deliver cash (equivalent to market cap), remove the funding overhand as 454P would be funded and provide a nice platform for 488P.
Despite the heartache we have all shared, bitterly, from the euphoric highs to the dark and miserable lows, MEO still holds reasonable promise, certainly from the current price. PS has managed to ensure MEO survives, he just needs to delivery on the second part of his promise, that is to ensure MEO thrives!
C'mon PS - tell us you gave Blackwood away to eni because you reached a deal with them to farmin to Cuba for a motza.
MEO Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
