WA488P Prospective Resources
Melbourne, July 15, 2013 AEST (ABN Newswire) - MEO Australia Limited (
ASX:MEO) (MEOAY:OTCMKTS) advises that it has completed its assessment of the Beehive prospective resource estimates in its recently awarded, 100% owned WA-488-P.
Key Points:
- WA-488-P contains the giant Beehive prospect comprising two stacked structural objectives
- Upper objective (Carboniferous age) has Mean Prospective Resources of 1,009 MMstb
- Lower objective (Ordovician age) has Mean Prospective Resources of 575 MMstb
The estimated prospective recoverable resources for the two objectives in the Beehive prospect are summarised in the following table:
-----------------------------------------------------------Prospective Resources*Beehive prospect P90 P50 Mean P10-----------------------------------------------------------Carboniferous objective (MMstb) 104 598 1,009 2,182Ordovician objective (MMstb) 67 328 575 1,314* Recoverable-----------------------------------------------------------
The flyer attached to this release provides a summary of the Beehive prospect. It is being marketed to industry participants as part of a farm-out process.
MEO's CEO and MD Jürgen Hendrich commented on the announcement:
"The Beehive prospect is a giant prospect in the true sense of that term as it is understood by industry. Nearby oil discoveries at Turtle & Barnett prove the occurrence of oil in the area. Oil is also indicated, although not proven, in the Marina discovery in MEO's nearby WA-454-P permit.
While the Carboniferous and Ordovician plays identified at Beehive have not yet been drilled in the Petrel sub-basin, there are giant oil field analogues in similar aged rocks elsewhere in the world. More locally, the recent Ungani-1 oil discovery in the Canning basin intersected the equivalent of the upper objective and flowed 1,600 bopd. This discovery provided the inspiration for MEO's exploration team to seek out this new play type in a more material sized structure.
It is rare to have unearthed a prospect of this size in one horizon. To have two stacked objectives each with a material size is extraordinary. The identification and development of this prospect is a testament to the calibre of our exploration team."
To view the assessment flyer, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-392020.pdf
Contact
Robert Zammit
Executive Manager
Business Development
Email: robert.j.zammit@meoaustralia.com.au
Phone: +61-3-8625-6022
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