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.
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