Exactly my opinion. I'll take the other 50% if you don't mind :). By the way, don't forget that MEO is also farming out equity in the NT/P68 Permit located in the Bonaparte Basin in the Timor Sea. The permit contains two gas discoveries - Heron and Blackwood. Heron-2 intersected >200m gross gas column in the Plover sands of the Heron North structure. Current technical assessment of Heron suggests the potential for a multi-Tcf wet gas accumulation which may be suitable for LNG feed. Blackwood-1 intersected a 49m gross gas column in Plover sands which, with CO2 content of more than 25%, has potential for conversion to methanol. MEO is operator and holds 100% equity in the permit through its wholly owned subsidiary TSP Arafura Petroleum Pty Ltd.
Who'll farm in?? You only have to guess once IMO.
Petrobras will be very happy with that 50 years of environmentel approvement which MEO achieved in the past.
MEO Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held
