Yes, full marks to SeamFiend for that incredible call. Can he...

Yes, full marks to SeamFiend for that incredible call. Can he pull out his crystal ball and tell us what the outcome of drilling Artemis will be?

In terms of the deal with MEO the price of $7mm USD is very comparable to what PBR paid when you consider the $41mm for the first drill plus the $39mm fee inclucive of seismics, that makes $80mm USD for 50% (exc. the success fee and appraisal drills). On that basis 5% would be worth $8mm USD but after the currency movements in the interim, the fee is very comparable. However, MOG has no upside to a successful drill like MEO has from PBR.

I would have preferred a small CR to tidy MOG over until after the drilling but that would leave MOG with very little to offer if the well is a duster so on balance it is probably the right decision.

ANZ