Agree with all the posters above, my exit strategy is to wait for at least the MEO announcement. If they get someone in with significant exploration experience coupled with a decent balance sheet then I cant see how the market wont reassess upwards all interest holders- MOG, CUE and MEO. Surely getting to drilling itself is an achievement. The fundamentals are all there- nearology:artemis being smack bang in the middle of two massive fields with significant infrastructure being built close to the permit, market focus on the LNG sector in general and Artemis in particular and the potential for take over in the event gas is struck. The share issue to fund the acquisition for Rankin is held in escrow for 12 months so no short term overhang, and clearly the market isnt going to support a MOG capital raising anytime soon until the plans for the Artemis prospect become clearer. Of course CUE and MEO have other projects, CUE in particular is earning cold hard oil cash, I have an exposure in all three, but its interesting how MOG is in the red today while MEO is up over 7%, maybe because we are expecting a farm out announcement soon as the previous 30 September deadline has now passed.
MOG Price at posting:
28.4¢ Sentiment: ST Buy Disclosure: Held
