mog in strong position now..., page-17

re the LNG project from MEOs announcements they stated that they were still seeking Petrobas's approval as to whether they would still go ahead with only 85% of the gas, dont think MOGs announcement today stated that Petrobras had agreed to this. Still think we can expect to see more announcements re this in the future. Also wouldnt expect a major like Petrobras to commit to a US$70m one well commitment even if well one is a duster, look at the exploration done by other majors right next door like Apache,Chevron and Woodside and they are all multi-well programmes so agree with Favco that we can expect a CR which MEO doesnt need to do with all the cash they will have.