MEO Methanol Australia A26c 132m shares

[Corporate]

Couple of research reports


http://oilbarrel.com/media/pub/var/release_downloadable_file/32811.pdf


http://www.meoaustralia.com.au/icms_docs/102446_RB_Milestone_Research_coverage.pdf

Well worth a read to understand the value of MEO.

Also in the latest presentation MEO talk about securing gas supply for our Tassie Shoal project this quarter

http://www.meoaustralia.com.au/icms_docs/102902_06092011__RIU_Good_Oil_Conference_presentat ion.pdf

[Corporate]

Meo initiates buy back

http://www.asx.com.au/asxpdf/20110928/pdf/421cvdtjsd23v0.pdf

Contracted awarded for Heron drilling. Note 70 day drilling slot which is enough for two wells - bodes well for back to back drills IMO

http://www.asx.com.au/asxpdf/20111004/pdf/421j85jl96216v.pdf

Quarterly activities report, $90m in cash (16.7c per share)

http://www.asx.com.au/asxpdf/20111012/pdf/421pktrklg6lj2.pdf

[Corporate]

Can't believe I'm just talking to myself on this one. But others have been burnt in the past.

IMO MEO is in the best position it has ever been - cash backing of 16c per share and free carried through at least one $60-$80m well next year (50% interest).

Check out this news...

Santos sells its interest in Evans Shoal

http://www.asx.com.au/asxpdf/20111028/pdf/4223qxt0fwbghr.pdf

Word on the street is that it is ENI.

ENI happen to be partnering MEO in drilling Heron and most likely blackwood next year.

However, the key here is that MEO have a solution to the fact that Evans Shoal contains 6tcf of high CO2 gas...this is called Tassie Shoal.

[Financially dependant]

Hi Corp, MEO has been shaken by the traders like a rag doll over recent times. It is on my watch list but I am waiting for the smart money to get back in before I do, the chart says a little more waiting for me..

[Corporate]

News Wrap: Evans Shoal, Santos, UCG and NSW asset sale

Gomati Jagadeesan
Tuesday, 1 November 2011

DETAILS emerge on the mystery buyer of Santos' Evans Shoal stake; Santos pumps up CSG; the Queensland government heaps agony on UCG players by extending state review; and the Tamberlin inquiry into NSW government privatisation urges more energy asset sales.



Location of Evans Shoal field

Evans Shoal

Details of Santos' sale of its 40% stake in the Evans Shoal project in the Bonaparte Basin have emerged with Italy's Eni turning out to be the mystery buyer, according to The Australian.

Santos last week offloaded the stake for an upfront payment of $250 million, with the potential for a further $100 million upon successful production at Evans Shoal.

While Santos looking to flog its stake is not news (its attempt to sell to Magellan failed only 5 months ago), the sale price definitely caught analysts by surprise.

The deal was done at a significantly higher price than that offered by Magellan.

The Australian Financial Review reported Citigroup estimated the upfront payment itself to add A22c per share to Santos' valuation, with further upside potential.

It also provides much needed cash flow for Santos' other projects including CSG in Queensland.

But perhaps what did not get reported was what the deal did for methanol minnow MEO, whose gas-to-methanol project at Tassie Shoal hinges on developing gas resources at Evans Shoal.

With Eni now holding the 40% stake, MEO might just have found a reliable ally.

It already struck a farm-in deal with the Italian oil and gas major to develop the Blackwood and Heron gas fields earlier this year and Eni's new stake could make things that much easier for MEO.

That said, things are far from certain as the other Evans Shoal partners, including Shell, Petronas and Osaka Gas, still have pre-emptive rights and with Shell looking for other bolt-on acquisitions, $250 million for the equity stake is really chump-change.

Analysts said Santos' sale could also revive interest in Conoco's Barossa and Caldita permits, which were last year abandoned after Conoco imposed onerous conditions and terms on how the gas would be developed.

But while the difficulty in valuing the asset was also an issue last time, existing data now points to facilitating a sale.

[Corporate]

Great presentation - not long until this pushes ahead in my opinion

http://www.stocknessmonster.com/news-item?S=MEO&E=ASX&N=364302

[Corporate]

EV of circa $12m. Can't believe no more interest

[bung5]

already holding a lot of oil & gas but you tempted me to do some research and it looks promising. might have to sell down my NZO as it is not bouncing as quick as I thought.

[Financially dependant]

MEO keeps having problems breaking through resistance at 20.5c, I am waiting for the breakout then will be keener to jump on board...

[Financially dependant]

The SP is currently 21.5 with a good level of volume, this could be the break out with have been waiting for....End of day price will be critical of course...

[drillfix]

The EMA alignment on MEO is becoming much better now FD, so I can see your interest gauged by your post, however caution would be required as a pennant is formed which either will see the stock break upward or downward.

Probability if the fundamentals are there should favour the upside however this stock has been consolidating for so very long now since the huge fall last Dec 2010.

Declining oblique resistance at 22.5c and horizontal resistance at approx 26.c

EMA status:

The 13ema has previously crossed the 60ema and now just recently crossed the 150ema which should put the price on alert for breakout while current the pennant narrows.

The 60em is required to break through the 150ema to create a break out in price and a the re-birth of a new uptrend.

On confirmation of a break upward of 26.c the stock should then close the previous gap which prior to the decline was at 42c

Adding to the above, this is global market conditions pending and positive news flow to drive the technicals.

Thats my banter for the day on a stock that I dont hold, but good to see the finger on the pulse there FD, good luck with this one :)

[Financially dependant]

The EMA alignment on MEO is becoming much better now FD, so I can see your interest gauged by your post, however caution would be required as a pennant is formed which either will see the stock break upward or downward.

Probability if the fundamentals are there should favour the upside however this stock has been consolidating for so very long now since the huge fall last Dec 2010.

Declining oblique resistance at 22.5c and horizontal resistance at approx 26.c

EMA status:

The 13ema has previously crossed the 60ema and now just recently crossed the 150ema which should put the price on alert for breakout while current the pennant narrows.

The 60em is required to break through the 150ema to create a break out in price and a the re-birth of a new uptrend.

On confirmation of a break upward of 26.c the stock should then close the previous gap which prior to the decline was at 42c

Adding to the above, this is global market conditions pending and positive news flow to drive the technicals.

Thats my banter for the day on a stock that I dont hold, but good to see the finger on the pulse there FD, good luck with this one :)

Thanks for the great run down drilly.... The EOD didn't happen and I see it got knocked down with heavy selling later in the day, finished with a VWAP of 20.74..not quite the break out I was hoping for. My intention was to buy when selling pressure or supply started to dry up so will wait a bit longer...

[Corporate]

Fellas, it has been a long time coming but I think this is finally beginning to move!

[drillfix]

Another interesting day again today for MEO.

Sitting on the watch list with anticipation to a break one way or the other, but its going to happen (soon'ish)

[Financially dependant]

major break down on high volume but still in short term up trend....still watching.

3700

[drillfix]

Cheers for the chart FD (good to see another PRT user), I noticed the decline today and it seems price may just continue its battle in the range it seems to be currently stuck, so more side ways to go, or further falls one may wonder~!

[Corporate]

Blackwood and Seruway seismic underway

http://www.asx.com.au/asxpdf/20111207/pdf/42340c2l3hcd69.pdf

http://www.asx.com.au/asxpdf/20111209/pdf/4235m21lt7yq52.pdf

[Financially dependant]

another chart as we above the resistance again, lets see if it can hold this time...

3717

Will be looking to enter a trade if it successfully tests resistance/support line..

[Corporate]

I think that if the international markets perform tonight, then MEO should break through 22c. Fingers crossed!

[soulman]

With all the gas coy performing last month with the likes of BRU, SXY, BPT, DLS, NSE, COE, HZN, CUE, PSA, STX and many many more, it seems MEO have been left out.

Is this their time to shine and breakout?

[Corporate]

https://ost.asbbank.co.nz/B498B617B92014230666229FAD20D36A/external/pdf/meo/asx/370060

What a fantastic score MEO made when they picked up WA 454P. Looking into the future I can see ENI (like others) farming in with a deal not to disimilar to Heron.

MEO can give away 50-70% of the permit in return for two wells. One in Marina and one in Breakwater. Plus back costs and maybe a development option.

Disc..bought more today and will continue to as funds allow.

[soulman]

MEO has breaks into the 20's and looks strong for more gains. I have some at 20.5.

[gazprom1]

I have joined you SM and Corporate on the register today....21.5. Looks like 3 wells for sure with the possiblity of others. Still a while before any drilling but happy to wait and hold.

Gaz

[Corporate]

I have joined you SM and Corporate on the register today....21.5. Looks like 3 wells for sure with the possiblity of others. Still a while before any drilling but happy to wait and hold.

Gaz

Good timing I think gaz!

[gazprom1]

Yes, looks ok at the moment Corporate!!! That's for putting onto MEO. I am going to probably hold through until near drilling. They have loads going on 2nd quarter onwards. Exciting!!

Gaz

[Corporate]

Yes, looks ok at the moment Corporate!!! That's for putting onto MEO. I am going to probably hold through until near drilling. They have loads going on 2nd quarter onwards. Exciting!!

Gaz

Yeah I haven't decided completely yet.

I got some OEX this morning :-)

[Corporate]

MEO starting to breakout. Volume is very high!

[upside_umop]

It's a good results corporate. I originally thought that you would have 3 maybe 4 months to get in on the play before it resumed upwards again after Artemis. I guess there has been a few people burnt with this one so a few false starts were always going to happen.

Looks like the race may have finally got underway?

[gazprom1]

Great day Corp. Closed at its high on great volume. Stable markets overnight would be good. ASX was flat and yet several big performances with the likes of MEO, NWE, NSE, BRU...all ST favourites=)=)

Cheers
Gaz

[bermuda]

Great day Corp. Closed at its high on great volume. Stable markets overnight would be good. ASX was flat and yet several big performances with the likes of MEO, NWE, NSE, BRU...all ST favourites=)=)

Cheers
Gaz

It is hard being out in front with you guys snapping at my heels. I think I might take a breather and settle back in the pack until WCL gets through its cap raising. Corp, all 3 of us have NWE and NSE. Upside has the most upside but your MEO and my OXX might give him a fright later on.
Thanks WIZ. I wonder when we all start running into head winds.

[airedale]

Head winds, Bermuda, ......possibly very soon according to Colin Twiggs.

http://www.incrediblecharts.com/tradingdiary/2012-03-12-markets.php

[bermuda]

Head winds, Bermuda, ......possibly very soon according to Colin Twiggs.

http://www.incrediblecharts.com/tradingdiary/2012-03-12-markets.php

Hi Airedale,
Please don't read anything published by Greenspan. He, along with Bush junior and Rudd, would have to be one of the three biggest dipsticks I have ever come across. He led the world into one the biggest recessions ever and publicly declared he did not understand derivatives. Reminds me of Peter Sellers in that film Being There.

[The Big Ease]

Agree entirely bermuda.
A smart idiot.

[drillfix]

Hi Airedale,
Please don't read anything published by Greenspan.

http://www.incrediblecharts.com/tradingdiary/2012-03-12-markets.php


Bermuda, agree re-greenyspanny, but in the link Airedale has posted, there is nothing to read about with Greenspan in it.

It is more so or rather Colin Twiggs summary of Technical caution coming into the 2nd part of march due to some indexes.

Also, I believe Redbacka who also does weekly market commentary on HC also confirms this potential ease technically.

Each to their own though on the use of technicals :P

[bermuda]

Bermuda, agree re-greenyspanny, but in the link Airedale has posted, there is nothing to read about with Greenspan in it.

It is more so or rather Colin Twiggs summary of Technical caution coming into the 2nd part of march due to some indexes.

Also, I believe Redbacka who also does weekly market commentary on HC also confirms this potential ease technically.

Each to their own though on the use of technicals :P

Drilly,
As soon as I clicked on it up came these 3 books by Greenspan and it made me feel sick.

Sell in March or sell in May and stay away???

[airedale]

Hi Bermuda, don't read the adverisements. I was only quoting Twiggs's thoughts.

[drillfix]

Drilly,
As soon as I clicked on it up came these 3 books by Greenspan and it made me feel sick.

Sell in March or sell in May and stay away???


LOL, dont ya just hate ad's, they are everywhere, TV, radio, on the side of the road and as too on links on internet sites your buddies links they post you :P

No recommendation on those links, but more an awareness check.

Meaning, if the tide starts to turn and starts to drag most things down with it then it may also bring more opportunity, or one can choose to take protective measures to some degree if they choose.

[Corporate]

MEO on the move today, up 14%. This is blue sky material!

[upside_umop]

Nice move by MEO. Looks to have created a solid base and is moving up from here.

Don't hold but have in the past and might look to time an entry :)

Nice work Corp. You've been patient and doubled up and doubled up and now....it's reaping rewards!

[Corporate]

Thanks UU. MEO has been a favourite for 12 months. I'm still looking to get another 50-100,000 shares but I'm running out of time.

[soulman]

MEO on the move today, up 14%. This is blue sky material!

Yep Corp, however I got some trades wrong with MEO today and a few more times this week. Oh well. All good as I bought in as low as 19.5 just over 2 weeks ago.

Still hold a few and judging by today's close, looks like going to the high 20's next week.

Looks like I might have to open my wallet to get more next week. Not sure about fav for 12 months Corp. Maybe a month.

[Corporate]

Yep Corp, however I got some trades wrong with MEO today and a few more times this week. Oh well. All good as I bought in as low as 19.5 just over 2 weeks ago.

Still hold a few and judging by today's close, looks like going to the high 20's next week.

Looks like I might have to open my wallet to get more next week. Not sure about fav for 12 months Corp. Maybe a month.

I haven't totally worked out my strategy with MEO. I'm leaning towards accumulating weekly while the price rises and selling enough pre heron to be free carried through the drilling. However, there is a lot going on and if a deal with ENI on Tassie Shoal is announced then who knows where the share price will go.

MEO has been a favourite of mine for 12 months. Top notch management!

[soulman]

There she goes again. Not sure whether it will sustain towards the close but MEO has plenty to catch with fellow peers.

[trackers]

MEO's cranking, well done guys..

[Corporate]

Long way to go on this one and lots of news on the horizon!

[soulman]

Let a few go at the closed for 27.5. Still got a few from today's purchase at 1 cents less. Too bad my preset buy order at 24.5 during the weekend did not eventuated.

I am going on a limb and say MEO could go into the mid 30's this week. So, holding on could be wise.

[Crypto Crude]

im very familar with MEO...
and well done, it was going to run, it is a trade...
but as an investment,?
totally different...

trade it, dont invest it...
hyped and always been that way...

not a serious investment for returns... just a play thing, or get lucky...


:cool:
.^sc

[Financially dependant]

Interesting weekly chart...big gap to fill up...looks good to go

3906

[Corporate]

Enter userewd Crude;370628]im very familar with MEO...
and well done, it was going to run, it is a trade...
but as an investment,?
totally different...

trade it, dont invest it...
hyped and always been that way...

not a serious investment for returns... just a play thing, or get lucky...


:cool:
.^sc[/QUOTE]

Maybe two years ago this was a play thing SC. But not now. Things have changed. Lots of new assets and eni buying into heron and Blackwood was huge. Let alone eni also buying a stake in the nearby Evans shoal. This brings meos tassie shoal project right to the front and centre. Just a matter of time.

Three drills this year.

Best management team I have ever seen.

[soulman]

Don't forget the failed Artemis, where MEO raised $30 odd mil funds at 52 cents. It rallied up from there but plummeted to 20 cents when they announce empty wells. I was not in it back then but was aware of the hype. Also Corp, MEO has been sleeping for more than 12 months ranging 16 to 22 cents.

It could vertially do the same thing again. A ride like MAD and NSE could be on the cards but I doubt that based on shares issued. Definitely, with EV of 50 odd millions at 27.5 cents, anything is possible.

[Crypto Crude]

monster call corporate...

the stocks half the price of what it was 5 years ago...
very interested in your comments...

best management ever?
is zeeehhhh best stock you ever seen too huh...

:cool:
.^sc

[gazprom1]

MEO on the march again. The nature of small cap explorers is that the SP can be a roller coaster based on the success or otherwise of wells. They have done well to get ENI onboard and have enough cash for their future drill program. MEO has a stable of permits as well as Tassie shoal. Management has been bolstered over the past 12 months and they appear to be focussed on achieving S/H'er wealth. I am happy to be invested at this point.

Gazprom

[Corporate]

monster call corporate...

the stocks half the price of what it was 5 years ago...
very interested in your comments...

best management ever?
is zeeehhhh best stock you ever seen too huh...

:cool:
.^sc

SC, totally different management on board now compared to 5 years ago. Under old management they where sole funding the drilling Heron and Blackwood ($100m a pop). Now we have ENI onboard funding 2 or 3 wells, plus seismic, for 50%.

You can't blame management for failed wells when they attract willing partners like Petrobras.

By the way. A large number of oil and gas stocks are half the price they were five years ago!

SC I know you have a view on MEO but I think times have changed.

[Corporate]

March 21, 2012
MEO Australia Is Set To Drill 3 Targets In A Busy 2012
MEO Australia is an ASX listed explorer holding 50 – 100 per cent interests in 8 projects in Australia, Indonesia and Thailand. The company has a disciplined approach to capital management where shareholder dilution is minimised while creating value through the discovery and development of hydrocarbon resources. MEO preserves its capital by gaining a high participating interest early and cheaply in a project’s life (often at permitting stage) then, after adding value through technical work, farming-down its interest to fund the drilling costs. This has most recently been evidenced at its WA-360-P project offshore Carnarvon Basin where Petrobras farmed-in for a 50 per cent interest in August 2010 (Petrobras has since withdrawn in September 2011), and then in July 2011 when ENI Australia farmed-in for a 50 per cent interest in the company’s NT/P68 Bonaparte Basin project. In each case the partner paid back costs, cash consideration and the future drill costs of a multiple well programme.
This approach of de-risking before farming out, while not unusual, is being rigorously adhered to at the company’s other projects which comprise a further 5 permits in 3 basins in Australia, 1 offshore gas development hub in Australia, 2 Indonesian PSCs and 1 Gulf of Thailand concession. Beginning with the Bonaparte Basin in the Timor Sea and NT/P68 is in the 2nd of a 5 year permit where recent activity has seen 766 square kilometres of 3D seismic acquired over the Blackwood East structure. Gross prospective recoverable resources have been estimated at 1-1.5 Tcf on the Blackwood discovery, but it is the 5 Tcf Heron discovery that is now gearing up for drilling with Heron-3 set to test the Heron South fault block in the third quarter. Heron-3, Heron-4 and Blackwood-2 are being funded by ENI, as was the 3D seismic on Blackwood East.
Heron-1, drilled in 1972, intersected 52 metres of gas shows in the Darwin Formation, but has since been interpreted to have just missed the Heron South fault block. Heron-2, sunk into the Heron North structure in 2007/08, encountered over 200 metres of gross gas column, but failed to encounter gas water contact after a collapsed borehole and several cyclone interruptions halted drilling.
Located less than 50 kilometres East of NT/P68 and wholly owned by MEO are the Tassie Shoal LNG (TSLNG) and Methanol (TSMP) projects which, when built, will comprise a co-located 3.0 Mtpa LNG plant and 2 x 1.75 Mtpa Methanol trains. Environmental approvals and major project facilitation status have already been obtained from the Australian Government, and the processing hub would potentially service over 25 Tcf of undeveloped gas fields within a 150 kilometre radius that are effectively economically stranded due to their high CO2 content. With CO2 unable to be vented atmospherically, the plant would remove the CO2 from desirable gas and combine it with Methane and Steam to produce Methanol, thus creating 2 saleable products – LNG and Methanol. The c.US$7 billion project would require the involvement of a large partner, but with gas increasingly in demand, the company’s patience could soon be rewarded.
With MEO eager to provide a number of share price re-rating catalysts, the other two permits set to host drilling this year are the G2/48 concession in the Gulf of Thailand and Seruway PSC, offshore North Sumatra. The G2/48 concession is 50 per cent owned by MEO after the company farmed-in to the project in February 2012, and operator Pearl Oil Offshore Limited is planning to drill a well in the third quarter after identifying several oil prospects from the 450 square kilometres of 3D seismic shot in late 2011. MEO will reimburse Pearl for half the 3D seismic costs and half the drilling costs above US$5 million after paying 66.6 per cent of the drilling costs below US$5 million.
On to the wholly owned Seruway PSC and, having recently acquired 708 square kilometres of 3D seismic, the company’s focus turns to the drilling of one exploration well in 2012 as it is committed to do under the PSC. Existing and tested targets exist - Gurame with 350-1,200 Bcf / 15-50 MMbbl and Kuala Langsa with 1,800-4,700 Bcf / 7-24 MMbbl (15-25 per cent within Seruway boundary) - but with the seismic having been shot elsewhere, a new target is likely. However, as per its stated strategy, before drilling commences MEO would like to find a farm-in partner to share the costs, and the search is now underway.
Completing the licence picture for MEO are WA-360-P and WA-361-P in the Carnarvon Basin, WA-454-P in the Petrel sub-Basin, AC/P50, 51 and 53 in the Vulcan sub-Basin and the Sough Madura PSC on Madura in Indonesia. Exploration continues on both Carnarvon Basin permits, with WA-360-P currently in the process of renewal after WA-361-P was renewed last year. The company plans to mature several leads through seismic acquisition, the most prominent being Maxwell (c. 1,000 Bcf) on WA-360-P and Heracles (c.2,000 Bcf) on WA-361-P, before seeking further farm-in partners. WA-454-P was awarded to MEO in June 2011 and recently had 601 square kilometres of 3D seismic shot over the Marina and Breakwater prospects. Marina-1 was drilled by Esso Australia in 2007, while Breakwater is interpreted to be analogous to the nearby Blacktip (Eni - c. 1.1Tcf) and Petrel/Tern/Frigate (GDF-Suez/Santos - c. 2.1 Tcf) fields.
The Vulcan sub-Basin permits, like that in the Petrel, were recently awarded to MEO and are currently the subject of 2D and 3D seismic reprocessing and shooting work. Again, a farm-in partner will likely be sought next year ahead of drilling. Finally, the South Madura PSC is a 90 per cent owned onshore permit with a single 200+ Bcf / 50+ MMbbl lead (Kujung). As the permit enters the 9th of a 10 year exploration term, the work programme is currently under review, but the partners are keen to further explore Kujung’s oil accumulations which hold similar potential to the 500 MMbbl Cepu oil field operated by Exxon Mobil.
MEO has an enviable cash position of A$83.7 million at December 31 which offers great flexibility in terms of development or acquisition, and also demonstrates its capital management strategy. As the company openly admits, the near term catalysts for a share price re-rating rest with the drill work being carried out this year. However, even in the face of this honest assessment there is an extensive work programme lined up across its portfolio which could provide any number of future re-rating opportunities.

[Corporate]

Gaz are you still holding MEO? - hitting 32c now :)

Great presentation last night!

[gazprom1]

Gaz are you still holding MEO? - hitting 32c now :)

Great presentation last night!

Hey corporate,

I am indeed still holding and for once have a good number.....thanks for the discussions around this at the beginning of the month. Up just over 50% in less than 4 weeks. My shout when we meet. I hope that you are still in?

I bought more ccu this week and have applied for armour and bul. CUE finished the week in good shape.

Will PM you over the weekend. Will be limited as i only have a mobile connection.

Gaz

[Corporate]

no worries, mobile connection only for me too

[Corporate]

I needed to take some profits out of the market and sold MEO at 33.5c. I thought it may have been a wrong move but there is definitely some selling pressure on Friday.

Fingers crossed I can get in again in the mid 20's for another run at 40c prior to Heron drilling.

[gazprom1]

I needed to take some profits out of the market and sold MEO at 33.5c. I thought it may have been a wrong move but there is definitely some selling pressure on Friday.

Fingers crossed I can get in again in the mid 20's for another run at 40c prior to Heron drilling.

SP headed south with the general market last week but announcements yesterday and today have seen it back up to the mid-30s. Favourite stock at the moment. Second half will be active with drilling which should see the stock actively traded. Would like to buy more but given the SP and the general market conditions will leave it for now.

Corporate - did you get back in?

Gaz

[Corporate]

SP headed south with the general market last week but announcements yesterday and today have seen it back up to the mid-30s. Favourite stock at the moment. Second half will be active with drilling which should see the stock actively traded. Would like to buy more but given the SP and the general market conditions will leave it for now.

Corporate - did you get back in?

Gaz

Not yet Gaz. Very busy at the moment and haven't really been able to think straight. These recent announcements are fantastic though. I could see this going to $1 with some luck. Glad you are doing well on the back of MEO!

Sorry I haven't replied to your PM...bugger about the internet access!

[gazprom1]

Ya gotta love trading shares. MEO comes out with a progress report on Heron South y'day and SP drops intra day from 22 cents to 16.5 cents. Report stated that had reached depth and going to evaluate samples taken. No mention of elevated gas levels in this report. Mkt hated the news. TODAY, another progress report on Heron South stating that ENI, operator, confirms the presence of 2 gas bearing zones with a gross interval of something like 350 meters. SP recovers intra day from 19 cents to 23.5 cents.

Crazy but money made and lost.

gazprom

[ELYOB]

Downside of 6c and upside 9c ..... MEO is a risk stock now . Have to be a real punter to play . High spec stuff .

[gazprom1]

Loads of activity for MEO:

Heron South - ENI testing two gas Zones.
Guarame - coring 30m section after elevated gas readings.
Thailand G2/48 - 50% transfer to MEO complete, first well due to spud in a weeks time and the second straight after.

Those that participated in the SPP a few weeks back at 20 cents are up 30%.

Gaz

Discl Hold

[gazprom1]

MEO seems to be on the move again....up 10% today (28.5 cents). Did a private placement at 24.5 cents ($10 million) to fund testing of Gurame discovery....IMHO it may have the goods given PP was to a single fund manager. ENI testing two zones on another well and Thailand well has just been spudded.

Happy to be invested.

Gaz

Discl: Hold

[Corporate]

Gaz, glad you are still around.

MEO is going to explored. If you haven't, watch the MEO AGM technical presentation. Gurame has a HUGE gas reseviour and natural fractures. This should produce some high flow rates.

ENI haven't massive plans for Heron, Blackwood and Tassie Shoal. Note in the AGM MD video, the blackwood well is all but confirmed.

[Crypto Crude]

hey xx corporate xx... this new angle is something to consider, cos the company really needs it...
I hope you pull it off... I wouldnt describe this as a standout... but we have seen it all... 150 million is a strong market value, I hope the company can back it up...

:cool:
.^sc

[Corporate]

If MEO pull off what they aim to, it's a billion dollar market capitalisation no problem. Worth a look - stacked full of talent.

You preconceptions are out of date ;)

[Crypto Crude]

i dont have any preconceptions...
gurame is only half tcf...
meo are really going to need heron...

you have already said there are no massive plans for heron...
so just a bunch of exploration targets...
with a track record of pure hype, this has always been capable of hyped interest... but seriously, are these projects going to add real value, or just some trades going on...
do you really like the projects or are you just following the market... who knows....you have been smart
:cool:
.^sc

[gazprom1]

Hey Corporate,

MEO has been a wild ride of late....owes me 21 cents. Gurame certainly looks like it could deliver some much needed good news for MEO. Thought that a single $10 million investment by fund manager to do testing was fascinating....

Mgment has been strengthened and they are very good at keeping the market informed about their various projects. Going to be an interesting few weeks with the 3 different projects on the go....update from ENI well tmrw.

Hope all is well.....

Gaz

[Corporate]

i dont have any preconceptions...
gurame is only half tcf...
meo are really going to need heron...

you have already said there are no massive plans for heron...
so just a bunch of exploration targets...
with a track record of pure hype, this has always been capable of hyped interest... but seriously, are these projects going to add real value, or just some trades going on...
do you really like the projects or are you just following the market... who knows....you have been smart
:cool:
.^sc

Half a TCF is big when you have an onshore gas market hungry for gas at $10 a mcf and you hold 100%. A nearby well flowed 600 barrels of condensate plus 21mcf/d.

No plan for Heron? Not sure where I said that. I obviously got it very wrong at the time!

MEO have a deal with ENI where ENI will fund the drilling of two Heron wells (looking like $100m each). This gets them 50% of the discovery which they have estimated at 5tcf. The first well hasn't found the gas water contact and is deep into the Plover res. 5tcf could be much bigger! There is even talk of Blackwood, Heron and Evans Shoal being one big field.

ENI also then have the option to take their interest to 75% in return for carrying MEO to FID, plus a $75m cash kicker. This will be another couple of wells and a lot of money spent by ENI.

How will it be developed. Well MEO have the rights to development TSLNG and TSMP. Both of these are going full steam ahead with a dedicated executive who was responsible for Gorgon LNG marketing. TSLNG is $2b cheaper than a comparable onshore LNG development.

Then there is Blackwood, which is smaller than Heron and currently discribed at 1.5tcf. ENI have already paid for 3D seismic and have the option of committing to a Well by 5 January. They haven't officially committed to this, but they have a rig slot, and ENI's country lead has said opened his mouth at a presentation.

[Corporate]

Hey Corporate,

MEO has been a wild ride of late....owes me 21 cents. Gurame certainly looks like it could deliver some much needed good news for MEO. Thought that a single $10 million investment by fund manager to do testing was fascinating....

Mgment has been strengthened and they are very good at keeping the market informed about their various projects. Going to be an interesting few weeks with the 3 different projects on the go....update from ENI well tmrw.

Hope all is well.....

Gaz

If you haven't Gaz, watch the CEO and Technical video's from the AGM on MEO's website
. They have been burnt in the past (Artemis) but I think this time they are quietly confident. The new shareholders must be as well stumping up $10m for testing!

[gazprom1]

If you haven't Gaz, watch the CEO and Technical video's from the AGM on MEO's website
. They have been burnt in the past (Artemis) but I think this time they are quietly confident. The new shareholders must be as well stumping up $10m for testing!

Hey Corporate,

I have watched the video's and looked at the technical presentation....they obviously know a little bit more about the structure than they are letting on...probably being cautious like you said.

Changing subject slightly - anything you fancy at the moment on the oil and gas front Corporate?? Looking for a company that may be producing but that is into exploration - probably more conventional rather than shale. Have enough ROC, OEL, BCC, HZN.

Cheers,
Gaz

[Corporate]

Hey Corporate,

I have watched the video's and looked at the technical presentation....they obviously know a little bit more about the structure than they are letting on...probably being cautious like you said.

Changing subject slightly - anything you fancy at the moment on the oil and gas front Corporate?? Looking for a company that may be producing but that is into exploration - probably more conventional rather than shale. Have enough ROC, OEL, BCC, HZN.

Cheers,
Gaz

I rate BPT. I haven't bought any yet though.

[gazprom1]

Trading halt in place until Tuesday pending release of production testing of Heron South -1.

Has anybody heard anything regarding the testing....chinese whispers??

Gazprom

[gazprom1]

Suspension until tomorrow pending production testing results.

Nothing much to read into announcement. ENI/ MEO have done a professional job in keeping the market fully informed.

Happy days tomorrow???

Gaz

[Crypto Crude]

MEO MEO MEO...
Well,
One thing I can say is...MEO is a standout on the asx for creating and adding value over many years through deals, farmins, placements, favourable ones to instos, even the currently funded production test was extrordionary>>>
MEO is by the far the standout deal maker on the asx in oil...every successful oil company created its winner from nothing...
so that is something to be proud of and MEO had its chances and still does...

but companies must have foundations from assets for the market to believe projects add up to the market value of the company...and thats not even talking about shareholder returns...
So,
Im seeing much more downsides for a medium sized shell company with bits and bobs...
target 10cents and lower, gurame does not add sorts of valuations for 100's MMCAP...

and please, I dont have any preconceptions...

and lastly... this is not the outcome anyone involved in oil wanted... even as an outsider...
wish you all the best...
get shale...
:cool:
.^sc

[ELYOB]

Punters over-reacted yesterday selling the MEO! The game is still on , appears to be driven by daytraders not sure . This is a very high spec stock , and volitility will put the fear into any trader.

[Crypto Crude]

Punters over-reacted yesterday selling the MEO! The game is still on , appears to be driven by daytraders not sure . This is a very high spec stock , and volitility will put the fear into any trader.

please explain, "the game is still on"
:cool:
.^sc

[soulman]

I am in at 18 today. Geez, how pissed would the latest holder of the placement at 24.5 cents be?

Definitely ELYOB, traders getting out at all cost licking their wounds fearing for the worst. Todays action has set a floor price for MEO IMO.

[Crypto Crude]

I am in at 18 today. Geez, how pissed would the latest holder of the placement at 24.5 cents be?

Definitely ELYOB, traders getting out at all cost licking their wounds fearing for the worst. Todays action has set a floor price for MEO IMO.


why a floor...?
the market cap of MEO is 120million dollars...
this is a chunky value, where the company must present strong earning projects to support such....
We write off Heron, we have gurame and a few explor wells...
So, abit of cash and goodwill, you honestly want to buy into a company 100m plus with that?
you have gone and bumped your head...
this has much potential downside...
:cool:
.^sc

[soulman]

why a floor...?
the market cap of MEO is 120million dollars...
this is a chunky value, where the company must present strong earning projects to support such....
We write off Heron, we have gurame and a few explor wells...
So, abit of cash and goodwill, you honestly want to buy into a company 100m plus with that?
you have gone and bumped your head...
this has much potential downside...
:cool:
.^sc

Judging by todays action, no.....but I do want to catch the bounce.

My attention has moved to BCC and CUE.

[ELYOB]

MEO is dirt cheap at 16c . It has 3 wells still in play with the main play being the G-xyz-st1 well in Indonesia {100% play !!!!} High risk spec play for the brave , and any good result will pay handsomely . That is the game . There is a chance of a terrific play here for those who have the insight to figure it out !Otherwise , take the ball and go play elsewhere . Now , the people who put up $10m for the test of G-xyz-st1 cant be that silly . Daytraders are jumping ship on every play in the oil patch ie: AKK etc.,.

Hold 100k MEO ; dyor .

PS: Daytraders could drive SP lower in the scramble for the door

[Crypto Crude]

diiirrrrttttttttt cheap......
so cheap its dirty.... hahaha ???:eek2:


well....
I should just back off and let others decide...and I will float around...but the alarm bells are ringing in my head... esp post heron the open low of that is about right...
as a trade this is and always will be sound.... I can't trade projects I don't believe in...

gurame flow test coming... one that must be out of this world to support real growth, this needs the other explors to come in...
downside risks more emphaised post heron...
these are not stable earning projects to increase cash,,.,
I love corporate, hes the man....sincerely mean that...
this has been a learning experience for us all for unproven projects .... happy to watch for the long term, there will never be an oiler like it

:cool:
.^sc

[soulman]

Well, TH today.

The announcement on the 28th Nov caused MEO to plunge 10 cents or $63 mil in value.

The upper zone result is out. It could be bad as well. Any chance the share price has been factored in?

It may well be positive as well. Not too much invested. My portfolio seems to struggle against a bullish market the last few weeks. Very dissapointing. I am hoping for a good PXG run.

[gazprom1]

Well, TH today.

The announcement on the 28th Nov caused MEO to plunge 10 cents or $63 mil in value.

The upper zone result is out. It could be bad as well. Any chance the share price has been factored in?

It may well be positive as well. Not too much invested. My portfolio seems to struggle against a bullish market the last few weeks. Very disappointing. I am hoping for a good PXG run.

Hey SM,

We own too many of the same shares....i am down of late as well. My fate lies mainly with ROC however.

MEO, who knows what the upper section will contain. Different zone so chance of different result - I think the upper zone will be "stimulated" - fraccked. Co2 will be high regardless based on other drills but could be used for Tassie Shoal. Downside 2-3 cents IMHO.

Gurame , IMO, has a reasonable chance of success given the drilling updates...zone is fractured naturally, MDT confirmed reservoir matrix permeability and $10 mil injection by Noonday who have experience in Indonesia.

6th is the day when we may find out....had an extension of TH when testing the lower zone.

Gaz

[soulman]

Yep Gaz, my stubborness for not releasing FWD earlier during their AGM is a mistake in hindsight. My stubborness with WEC and GLL is a sign of attachment, a sins in investing. Just because both are in negative EV does not mean squat.

MEO and PXG can get me back to par. Can it get any worst MEO or maybe this is good news on the horizon.

[soulman]

Yep Gaz, my stubborness for not releasing FWD earlier during their AGM is a mistake in hindsight. My stubborness with WEC and GLL is a sign of attachment, a sins in investing. Just because both are in negative EV does not mean squat.

MEO and PXG can get me back to par. Can it get any worst MEO or maybe this is good news on the horizon.

There she goes boys......Will not sell at a panic and will try to look for an exit on a bounce. Lucky for me it wasn't a big holding.

[Corporate]

Very sad indeed. I am a strong supporter of MEO but they just haven't had any luck.

I bailed out when the Plover sands didn't flow - I couldn't believe my eyes when I saw the share price settled at 18c. I was expecting 12c or 13c and didn't have any expectation that the upper sands would flow.

[gazprom1]

There she goes boys......Will not sell at a panic and will try to look for an exit on a bounce. Lucky for me it wasn't a big holding.

Hey SM,

Another poor result.....disappointing. Dropped a 1 cent more than I thought...the duster in Thailand would not have helped.

We are left with Gurame - if it tests positively we will see a nice bounce but not back to that 28 cent level IMHO. Will possibly have a TH for that as well!!! Should hear something next week!!

IF ENI don't back into Blackwood and Gurame is non-commerical...sub 10 cents.

Cheers
Gaz

[soulman]

Gaz, I would imagine $63 odd mil in cash after recent SPP and Private Placement and 20 and 24.5 cents. At current prices, MEO is cap at $75 mil (12 cents).

MEO is a dog and deservedly getting punish.

[soulman]

A rush for MEO today. Market cap still below cash backing I think.......A presentation is needed.

[Corporate]

A rush for MEO today. Market cap still below cash backing I think.......A presentation is needed.

Market cap is actually way above cash backing!

[soulman]

Market cap is actually way above cash backing!

I am in a dark Corp. I see that 20 mil has been raised recently.

Getting the old hammering at the minute.

[Corporate]

I am in a dark Corp. I see that 20 mil has been raised recently.

Getting the old hammering at the minute.


In terms of money in the bank at 31 December, I put it at between $15m and $20m based on the following:

Cash at 30 Sep +$48.4m
Less expected spend for quarter -$34m
SPP +$9.3m
Capital raising +$10m
Additional gurame testing cost -$15m

Leaving $18.7m or 3c per share.

[Misc]

I'm recently onboard this for the CUBA play. Apart from Sherritt (TSX.S), which has its own issues with Ni and is not a pure oil play, MEO will be the only listed entity anywhere in the world for Cuban exposure. Once block award has Govt sign-off, expected in the near term, could see some interesting price action imo, and quite possibly a buy out. Has taken MEO 3 years to get to this stage so they obviously have a huge 'first mover' advantage, and Block 9 looks highly prospective - let alone what may be coming behind this first deal. Cigar anyone?? Misc