time, page-6

Erso,
Hronia Pola (literal translation is years many, an appropriate birthday greeting in a foreign tongue) and looks like you got or are about to get your birthday present from JH.

I had to goggle your parasags to get the meaning. Me thinks you missed an "n" between the a and g.

Iam, hope your procedure is a success. Maybe blurrt can allow his personal nurse to look after you.

Like many Meomites I have also been wondering where the SP is now headed. I can understand that some will be worn down by the wait and the errosion in the SP during the tortuous wait. Every time a new low for the week was established confidence in the stock was being chipped away and no relief seemed to be in sight. In those circumstances its not surprising that some may have felt that MEO was unloved and might not recover.

Lets take into account a few key points which may help you recover your confidence.

1. Today MOG was up 33.33% and lets remember that on the assumption that MEO retains only 20% of Artemis then MOG and MEO appear to have a similar exposure to Artemis. That alone should give u confidence that MEO should get to 50c.
2. MOG have a free carry for only one exploration well. However, as MEO are giving the PF upto 50% of Artemis it is expecting the farminee to pay for upto two appraisal wells (MOG will have to pay its share of any additional wells) which would have an estimated value of around $80mm. This works out at around 17c per share in value.
3. The recovery of approx. $9mm in seismic costs which is worth about 1.8cps.
4. But wait, there's more. We have been told that the
delays to completion of the farm-out have occurred bcos there are more benefits that we will reap. We can't put a value on this but we know it has caused substantial delays so we can assume that it will be significant. Remem,ebr, this is more than a simple farm-out.
5. Finally,if MEO ends up with more than 20% of Artemis there is even more upside.

Lets not forget that Artemis must be the most attractive drill ready exploration permit in the region with an estimated mean 12tcf of gas(plus condensate), a GCOS in excess of 32%, surrounded by accessible infrastructure options and a favourable regulatory environment.

IMO a favourable farmout agreement should see MEO at around 70c and thats before we fully factor in the benefits from point 4 and possibly 5 above.

ANZ