An ASX query led MEO to say that no deal would be concluded before the year's end, if at all, and there was nothing concrete to report. It said an unnamed party was conducting due diligence on a farmin proposal.

The company said it had disclosed the relevant information in its prospectus release in June that it had appointed Sumitomo Bank to locate equity partners.

MEO closed yesterday at 13 cents on a million shares turnover and was trading at 15.5 cents at press time today.