Ann: Acquires additional 5% equity in WA-360-P , page-3

re: Ann: MEO: Acquires additional 5% equity i... Feel a lot better about MOG. Makes sense for MOG to raise some cash now, to be funded for a second well, which lets face it is still a good possiblity no matter how high the GCOS. In the event of Drill One duster what chances of a successful cap raising? So an asset sale now seems to give us two bites of the cherry particularly given the geology of Artemis with two distinct targets.

$7m for a 5% stake implies a value on the prospect of USD140m. Petrobras farmed in for 50% for USD 41m drilling cap, cash bonus of $31.5m and past MEO costs of USD7.5m, giving a value of around $160m for the total prospect.

So the price achieved seems reasonable. Im keeping MOG in the bottom drawer, bring on drilling in Sept/Oct.