From the Gold Coast Weekend Bulletin:
Max Mengler of Tollhurst`s Gold Coast office gives today`s share pick
MEO Australia ... BUY
MEO remains an outstanding although high risk investment story despite a SP meltdown in early 2008.
Ongoing price weakness offers yet another attractive entry point as the company moves towards the next drilling round at the North West Shelf in October.
MEO seeks to become an integrated gas-to-liquids (GTL) producer.
The company proposes to install 2 GTL projects on the Tassie Shoal in the Timor Sea. Gas to supply both projects is expected to come from the nearby exploration permit NT/P68 where MEO holds 90 to 100 percent equity.
In the last week of MAY MEO appointed a new CEO Jurgen Hendrich who will take over in June from Chris Hart.
Mr Hendrich brings to MEO extensive technical, commercial and capital markets experience. Mr Hart will stay on as managing director for a transition period.
With some 24 million dollars cash on hand, significant equity positions in it`s projects and a strategy to fund majority of near term drilling via farmouts, MEO is positioned well to execute on it`s upcoming exploration and appraisal drilling program.
We have upgraded our risk valuation to $1.74
From the Gold Coast Weekend Bulletin:Max Mengler of Tollhurst`s...
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