Living the Dream -

Welcome. Someday soon I hope to be using your name to describe my lifestyle.

I have been thinking about the MEO's TN project and discussing the possibilities offline with another member of this board. As many are aware, I see the MEO "glass" as half-full. I think that they have found a big NG play that they are trying to keep quiet and are also trying to aquire the land to maximize the pay-off. That strategy has led them to quite a dilemma.

IMHO here's the quandry MEO is in - If they hold back results to keep the competition in the dark (and that means no viable production) they then have to raise capital by PP (very bad for shareholders given the current SP) or they have to sell a greater % to Blackrock for financing (very bad for future MEO income and shareholder value). If they begin production to produce cash and finance future purchases, they also probably show the competion the extent of the discovery. Some deep pockets could swoop in, offer a dollar a share, and snatch the whole project form the long-suffering shareholders (right when it is about to go big).

This may be the reason we are currently suffering while we wait for MEO to resolve their dilemma.

- Panamax