I was going to post this as a reply to EL's under the previous thread, but that would have been a waste.
Artemis (WA-360-P) is the same story as MEO and CUE's share (you forgot to mention that bit). Yes, Artemis is a risk, tell me something that isnt. However what you fail to discuss is what happens if the drilling proves the 12TCF of recoverable gas? The upside here is enourmous from a $55M company (200M @ 27.5c) to holding a 15% free carried stake in an asset very conservatively valued at $5.5 billion. If the gas is realised and it has given itself a 32% chance of sucess, then suddenly MOG has an asset valued at over $800 million. I can see the multibagger.
As for MOG's other assets I disagree with some of comments here. They have obvious value especially when you consider the market cap of MOG.
WA-490-P - 50% MOG 50% CUE (released as W07-16): in the Carnarvon Basin off Western Australia has been awarded to Cue Exploration Pty Ltd and Gascorp Australia Pty Ltd. The company proposed a guaranteed work program consisting of 1400 km of new 2D seismic surveying and geotechnical studies, with an estimated value of $3 million. The secondary work program consists of 1 well and geotechnical studies, with an estimated value of $25.5 million. From the Minister of resources release at the time.
WA-332-P and WA-333-P - Browse Basin, targeting a best estimate of 1.9TCF and 1.3TCF in gas and oil. http://www.asx.com.au/asxpdf/20090918/pdf/31kst8qt1q5x32.pdf
WA-342-P - targeting a best estimate of 147mmbbls of oil.
P-41; 45; 47 and Ottway basin, Victoria
MOG Price at posting:
22.8¢ Sentiment: Buy Disclosure: Held
