I have been waiting for the GWC point to be confirmed before putting pen to paper but this is still a mystery. Eni may even have decided the GWC is not important at this time as they have enough of a HC payload to test.
All along it has been safe to assume that HS1 would have the same characteristics as Heron North. The only difference being they expected to have better porosity to the south.
We will see the results in due course which I feel will be very positive. Lets just say the POS/COS is greater than Artemis and has become even more probable after today's release.
Which brings me to another point MEOmites:
The SP is out of everyone's control. As I have said on many occasions, the junior oilers are speculative. Those of us who spend time interpreting company releases and offering ideas to support the research of others is not the reason for SP fluctuations. A myriad of market stresses. both fundamental and technical, will cause this.
I only know that too well after Artemis when the proverbial happened and I was in the firing line. All that happened then was the 68% failure scenario. Like Mick says, these are the risks we take.
Now, when we have days like yesterday, I don't have the energy to become involved in the blame game. What the punters don't realise is that MEO, like any other O&G company, can only release that information to which a senior partner/operator decides or agrees.
The fact that a leak came about from the rig is not an unusual occurrence but could only be confirmed by MEO after being vetted by Eni. Right or wrong the leak prompted action. Unfortunately it was negative to some toey investors. The problem was that it could not be supported by any other information at the time.
Because of the time difference between us and Europe MEO would have confirmed TD because it was already public knowledge but any further information could only be added after being vetted by Eni during business hours.
I would say MEO are being given regular updates by Eni, and being put into an agreed weekly report. These reports, put together by MEO, would then have to be sanctioned by Eni - hence the sparse content.
So knowledgeable posters like Daz et al, will continue to stick their necks out and put their observations forward to fill in the blanks. I, for one, am very grateful for their input. In saying that, I still sift through this additional source of information whilst testing the strength of their statements with my own research.
Sometimes information is even requested by other MEOmites, which suggest some are not following the same diligence.
I think it is a bit rich if people invest only on these thought processes and then lay the blame unfairly on the messenger.
Who is to say yesterday's dump was not just the MEO rollercoaster starting on its merry way - MEO has been very lucrative to traders in the past.
But this is only my opinion.
#:>))
PS - Mick, next year a trip to Ireland could be on the cards. But next year never comes to some, I've been holding that promise for years. My wife deserves the trip putting up with me for so long.
Tight lines:)
MEO Price at posting:
23.5¢ Sentiment: LT Buy Disclosure: Held
