MEO

Sometimes you wonder what it has to take to stir up a share price.  MEO had a bad announcement when it drilling with the Brazilian big boy, a year or two ago.  It was given a lot of cash from the farm-in.  Hence, its share price never crumbled because of its cash holding.

Lately, together with Eni, an Italian big boy, it has uncovered lots of gas.  But it will need more drilling results to confirm the size of the gas field.  I topped up with the SPP at 20c but when the drilling result was announced, it was hard to believe that the share market would almost totally ignore one excellent drilling outcome.  Hence, I bought another small parcel of shares at 21.5c.  Yesterday, it closed at 23c.  While I am still at a paper loss with this stock, if more successful drilling results are announced, then it will move up.  Sadly, most drilling results are failures :-(