re: Ann: MEO: Acquires additional 5% equity i... The...

re: Ann: MEO: Acquires additional 5% equity i... The Cornea/B-heart farmins were to Albers interests companies.
He could do something similar again but it requires a prospectus/explanatory statement, shareholder approval, and Albers/associates would be excluded from the vote.

Agree further drilling at Cornea unlikely to occur before A-1 for following reasons.
Continuous disclosure obligations should require MOG/OXX to report any tendering for rigs etc and this hasn't happened yet. It normally takes 6-12 months to organise an offshore rig slot/materials/approvals etc.

However, the recent Cornea well did encounter a 20m oil column, OXX have mentioned upping their stake in the permit, so I guess another well is planned for some time in the future.

Wrt Artemis, I note MEO's Mar quarterly mentioned rig selection was expected to occur in June qtr. Would be good to get some confirmation on rig name and expected spud date.
Some are thinking Sept/Oct, others are interpreting "late 2010" to be around Dec (cyclone season).
CUE's recent preso May-2010 has a timeline chart with Artemis spud occuring Oct.

Wrt the recent 5% sale of Artemis, I was initially disappointed but after thinking about it , it was a bit of a wash. Prior to the sale, the sp was being discounted for no cash and the expectation of dilution and/or asset sale.
Thats happened now and, imo, doesnt justify much of a drop in sp due to the discount that already existed.

Dexter
Cant see a MOG farmin to Goldsborough interests. Gold/s prospects look like more high risk expensive longshots to me.
MOG already have that with Artemis/Cornea. No need to stretch themselves even further.

Lastly, we still have the renewed push to farmout the Gippsland permits after the recent BHP/Esso discovery nearby. Could be a nice left field bonus in 2H 2010 ?