I picked up a few at 23.5Whether or not its a good entry depends...

I picked up a few at 23.5

Whether or not its a good entry depends if all the resolutions are passed and MOG successfully raise the $22.4mil through the RI and placement.

As they stated in the explanatory memo, the acquisition of Artemis stake depends on MOG successfully raising funds to farmin to Braveheart and Cornea. Without those funds, everything unravels.

Obviously, we need a good outcome from MEO/Artemis farmout to support the share-price for the RI and Placement

Did some more research which I will share.....

Songa Venus spudded Oliver 2 on 23-10-2009

""....Under the sale agreement, PTTEP will fund the drilling of the Oliver-2 appraisal well, which spudded on 23 October....""
http://www.upstreamonline.com/live/article196917.ece

According to my enquiries, Braveheart and Cornea are next on the Songa Venus drilling schedule after Oliver 2
Oliver 2 appraisal well spudded on 23-10-2009, and should be complete near end of November on a trouble free basis.
Allowing for rig mobilization etc Braveheart should spud mid to late Dec.
MOG/Exoil/Goldsborough are all raising capital to pay for it.
Presumably that process will take around 6 weeks from prospectus issued to new shares quoted,(my estimate).
Exoil and Goldsborough share issues will be underwritten. Prospectuses should be out in a week or two.

MOG RI and Placement not underwritten as yet

Best case scenario (imo) is MEO get a credible(major) farminee on good terms. This supports MOG sp, RI and Placement are successful.
RI initiated early November and new shares quoted mid December.
Braveheart spud mid/late Dec followed by Cornea appraisal well.
Artemis follows sometime in 2010.