Hi dmagusYou can only go by your research on the rigs that that...

Hi dmagus

You can only go by your research on the rigs that that are available:)

That rig was flagged on the Drillsafe site posted by onetonne (Post #: 5426976). Due for release September.

The other one from that site is Jack Bates which is due for release in October.

This confirms that two rigs are available and both are available well before the cyclone season. In their releases including the Feb 11th update management stated:

'Discussions with drilling rig operators have advanced in recent weeks aimed at securing a rig to drill Artemis-1 in the second half of 2010. Two suitable rig options have been identified and MEO expects to be in a position to select a preferred contractor in the near future.'

Admittedly they did say in their Farmin agreement doc:

'MEO has secured an option over a drilling rig to drill the first well, Artemis-1, in late 2010.'

But by interpreting this as being December is putting a deadline on an unknown fact. From the research available the period of rig availability is September onwards.

So you are correct in your research dmagus and onetonne as far as the information is available.

For the impatient ones:

I would imagine management would have taken an option on one of the rigs with a right of refusal should another request for the rig be placed by another company.

The reason for doing this is that they are waiting for FIRB approval. They would be sure of a rig but may not have determined a definite date as they are waiting for FIRB approval.

I think it is prudent for management to wait for FIRB otherwise what would the release say?

'We have secured a rig but haven't set the date because we are waiting for FIRB approval to see if PBR will be paying for it or not'

or

'We have secured the rig for such and such a date and we will be drilling ourselves if PBR don't get FIRB approval'

Even a message saying they have secured a rig is not necessary because they have already indicated they already have a number of times. Just like they have told us a number of times the FIRB application has been made.

I am sure all parties, including the government, know the time restraints. September is still three months away!

It doesn't make sense to me for management to send out mixed messages to the market for no reason. We do have until the end of the year to spud A#1. I am sure management has set up an MOU on a rig like they have indicated in their releases all year.

If the rig is requested by another company then this may force MEO's hand in placing a definite order and date but until then, or FIRB approval, whichever comes first, SHs will have to be patient and realise that these things take time.

Once things start moving we won't look back.

Just keep calm folks.

#:>))