MPO announcement just out this morning.Very good update imo....

MPO announcement just out this morning.

Very good update imo. Goes to show that management have been doing something.

Hopefully they will keep updates like this coming and keep putting runs on the board.

Jey points:

- Drilling has started in Bakken
- Will be 6-10 gross well program
- Selling Oil again from previous wells following flooding (only 30bpd)
- Drilling to start in Texas in early September (2 rigs)
- QLD wells ramped up in production again to 2MMScfd, but another pump failure means production has declined after this. They say that site operations are being kept to minimum though in light of sales process underway.
- Sale... largest uncontracted 2P position in QLD.
- Expressions of interest from number of potential bidders.
- Subject to acceptable price, sales process will be finalised by year end.
- Sth Africa - Parners finally found to fulfil Black Economic Empowerment requirements.
- Sth Africa production right targeted by end of 2011, with gas sales 6-9 months after.

Also a very good explanation of when buyback will and won't be operating.