El If Artemis represents 10cps of CUE's valuation then I would assign ~30cps to MOG. CUE is complicated with so much contingent resources, therefore hard to nail down a figure. MEO somewhat hyped, so also hard to derive a valuation from.
The cap raising/dilution for Braveheart/Cornea may have a fairly neutral effect on MOG's sp given drilling is slated for early 2010. Might even be positive for the sp.
That said, I want to see the terms of the Artemis farmout, assuming MEO secure a farminee. Expect a fair amount of disparity in what MEO accept for 50% of their stake vs their risked valuation.
In the meantime, I expect the US markets to roll over for a while but we'll see..
MOG Price at posting:
27.1¢ Sentiment: None Disclosure: Not Held
