Probably the same reason that it appeared on CUE at the same time...ASX stuff up. At least it was not price sensitive.
The MOG 15% aquisition deal of Artemis is dependant on an irrevocable commitment by MEO to commit to a drilling program by 31 DEC 09.
If this does not occur then Albers and Gascorp have the right to call in their chips...I am sure they do not want to do this and I am sure that MEO will not want this to happen.
So for all concerned it would be in everyones best interest that the Farm out by MEO to one of the 12 Farminees succeeds.
If it does not then clearly MOG shareholders could see the MOG SP plunge.
You must now realise that PetroChina has now assumed Singapore Petroleum's stake in CUE Energy..the other 15% Artemis stakeholder in Artemis.They (PetroChina) have a 16.31% majority shareholding in CUE now..the deal was settled yeasterday.
PetroChina signed up a long term contract to take 2Mill tonnes per annum of LNG from the Gorgon field from ExxonMobil ..this is virtually next door to Artemis.
Cue may well become a trojan horse for further PetroChina plays just as Singapore Petroleum was seen to be by a lot of commentators in the O&G business...far fetched as that may seem to some???
Food for thought.Lot more than meets the eye with this whole MOG/CUE/MEO/Artemis play.
Just playing devils advocate here..do some detective work and make up your own mind and act accordingly.
Good trading and Cheers,
HR
My opinions only ..sometimes I believe them.
MOG Price at posting:
24.5¢ Sentiment: ST Buy Disclosure: Not Held
