Hi all ,To make the MEO position, as clear as crystal, in terms...

Hi all ,

To make the MEO position, as clear as crystal, in terms of what percentage it now has in relation to WA-360-P compared to MOG and CUE, please read the following extract from the MOG Rankin Tend aquisition from Gascorp.


"1. By Resolution 3: the proposed acquisition of the Rankin Trend Shares from Gascorp in consideration of the issue to Gascorp of either 60,000,000 or 120,000,000 ordinary fully paid shares in the capital of Moby.

Gascorp is a company controlled by Mr E G Albers, a Director of Moby.

Rankin Trend holds a 15% interest in WA-360-P, which contains the Artemis Prospect, and a 50% interest in WA-409-P.

MEO is the Operator of WA-360-P and holds a 70% interest in that permit.

Under the MEO Farmin Agreement that 15% interest will be carried through the drilling of a well if MEO, the Operator of WA- 360-P commits, by 1 January 2010, to drill a well in the WA-360-P permit area.

If MEO does not make that commitment by 1 January 2010 then MEO must transfer its 70% interest back to Rankin Trend and Cue (each of which holds a 15% interest in WA-360-P), with the effect that each of Rankin Trend and Cue would then each hold a 50% interest in the permit."


Taken from http://www.moby.com.au/dl/moby-memorandum-2009.pdf

Of course,as we know, MEO commited to the drilling in third quarter this year and have options with a couple of drill operators to do the job.

A job they will do on their own (not their preferred path) and the money is in the bank to pay for it.

Very clear.

If you read the whole document above it will give you more of an insight...only if you have the time.

Bear in mind when CUE and Gascorp farmed out to MEO as the operator Mr Albers was in control of both companies.

Albers left cue last year. Todds took over but the agreement with MEO remained the same...ergo "Status Quo"

MOG had no problem with the preferred Farminee and the side agreement,CUE CLEARLY had/has a problem.

The problem is in relation to a NUMBER of alterations/additions to the Original agreement between MEO/CUE/MOG and altered, or added to, by the Preferred Farminee to CUE's perceived detriment.

By tomorrow morning this may be history. Either it (the Farmin) is ON or OFF.

If the announcement is in the morning the MEO shareholders then have a right for a full explanation of the last 6 months delay and in detail. Transperancy!!

It would appear to me that the vast majority of MEO holders are now getting sick to death of the cloak and dagger approach to the previous announcements.

This is not an Agatha Christie Whodunnit!

The "MINOR ISSUE" that needed to be resolved ,as described by MEO ,in an earlier announcement was indeed (in hindsight) a Major Issue to CUE under the current management.

It only takes one partner to throw a spanner in the works at the last minute.

As I and others suspect ,the side agreement that CUE did not sign a few weeks ago may have everything to do with all the Artemis gas going into the proposed LNG facility for conversion and marketing. CUE have different ideas,MOG is happy to go along with it.

CUE was ,reportedly, going to announce the Farminee of their Caterina prospect at the end of Q1 2010 and this side agreement MAY have a conflict of interest with CUE's Caterina Farminee and their plans. Supposedly , Caterina is of similar size in terms of gas content to Artemis and it's not far away.CUE own it 100%.

Now in conclusion all I can say to everyone is that in business you need to "Strike while the iron is hot"

The world is not going to stop whilst MEO negotiations drag on...A new set of world dynamics have come into play since MEO first proposed a Farminee for WA-360-P. Conditions change all the time and I must say it came as no surprise to me that a last minute glitch happened...only because it has dragged on for so long.

What next????!!!

On the brighter side, after todays trade, I for one expect an announcement either tomorrow morning or afternoon...at worst Wednesday.

Easter is coming up and if there is no announcement prior to the break I get the feeling that the mob carting the guillotines and holding the pitchforks high will be decending upon MEO HQ shortly after... :0)) LOL

NOT HAPPY JURGE!

Let's see what happens.Hopefully it's all good after the latest round of BOTulitis.

I now need to have a drink!

Cheers
HR

Disclaimer:

The above comments represent my take on the current situation and are strictly my views. I pay for my views..evertime I lose money on shares.

All reponses welcome but do not listen to me.Once again disregard any Speling and Grama mistakes.I just type it as I think it.