I have been following but haven't commented for some time on MEO here. I have some sympathy for what has happened with the two Eni farmin wells in NTP68. I agree with the post by invest at being puzzled by the location and "exploration" rationale Eni had for B1. Also before it the location of HS1. I don't think that MEO were particularly well served by the Eni farmin.
I got the impression from MEO announcements that they were also frustrated. That said, why couldn't the apparently well credentialed MEO technical staff persuade Eni to drill their well in at their preferred location? I'm afraid that I find it very hard to see a future for MEO, at least in its present form.
The 'go it alone' unsuccessful drilling in Indonesia and more money spent offshore Thailand were the real culprits for where MEO finds itself today. Sure, the 68 wells were dusters, but at least the successful Farmout to Eni meant that the two wells cost MEO nothing to drill.
Unfortunately there seems to be little else in the way of exciting new projects coming up, despite the promises. Time for the directors to act me thinks.
I am holding my shares because they have so little value they are not worth selling.
MEO Price at posting:
4.1¢ Sentiment: Hold Disclosure: Held
