Melbourne, Australia, May 23, 2013 - (ABN Newswire) - MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) advises that it has has been awarded a new exploration permit, WA-488-P in the Bonaparte basin, as part of the 2012 Gazettal Round. MEO will hold 100% interest in the permit.
WA-488-P covers an area of 4,105 km2 and is located adjacent to MEO's WA-454-P (100%) permit. MEO has identified a substantial prospect that it believes can be readily advanced to drillable prospect status by reprocessing of existing seismic data and integration of offset well data.
MEO intends to commence a farmout/partial sale process in early 3Q-2013. Full technical details of the prospectivity will be released as the farmout/partial sale process is matured.
Exploration Permit WA-488-P Work Program
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Permit Permit Work Estimated
Year Year Program Expenditure
Start (A$ indicative)
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Primary
Term 1 22 May 400 km 2D Seismic
2013 Data Reprocessing $150,000
2 22 May Geological and
2014 Geophysical Studies $200,000
3 22 May One (1) Exploration
2015 well $20,000,000
Secondary
Term 4 22 May 400 km2 New 3D
2016 Seismic Survey $5,000,000
5 22 May Geological and
2017 Geophysical Studies $200,000
6 22 May One (1) Exploration
2018 well $20,00,000
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MEO's CEO and MD Jürgen Hendrich commented on the announcement:
"The award of WA-488-P substantially enhances our acreage footprint in the region. The permit was selected based on our deep technical understanding of the region and the assessment of a new play concept by our exploration team that has substantial analogues in other geographies. MEO is very encouraged by the prospects identified within permit the materiality of which will no doubt appeal to the larger oil and gas companies."
To view location map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-390051.pdf
About MEO Australia Limited:
MEO Australia Ltd (ASX:MEO) (OTCQX:MEOAY) is an ASX listed, independent oil and gas company focused on building a substantial Australian and international E&P business servicing the rapidly growing Asian energy markets.
The Company has assembled a portfolio of exploration, appraisal and development stage opportunities on the NW Shelf, the Ashmore Cartier and the Timor Sea regions in Australia, offshore North Sumatra, and on Madura Island, East Java in Indonesia and the Gulf of Thailand.
MEO has also attracted a high calibre Board of Directors and proven Executive, Technical and Commercial talent with a demonstrated track record of attracting and partnering with globally recognised industry participants.
MEO Australia is listed on the Australian Stock Exchange (ASX: MEO, OTC: MEOAY) and is headquartered in Melbourne, Australia.
Contact:
MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au
Source:
MEO Australia Limited
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