Awarded Bonaparte Basin Exploration Permit WA-488-P
Melbourne, May 23, 2013 AEST (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---------------------------------------------------- Permit Permit Work Estimated Year Year Program Expenditure Start (A$ indicative)----------------------------------------------------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 $20,000,000Secondary 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----------------------------------------------------
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
Contact
MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au
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