Ashmore Cartier Region Update
Melbourne, Aug 19, 2013 AEST (ABN Newswire) - MEO Australia Limited (
ASX:MEO) (MEOAY:OTCMKTS) provides the following update in relation to the AC/P50 and AC/P51 exploration permits where it holds 100% participating interest (through its wholly owned subsidiary Vulcan Exploration Pty Ltd).
MEO has completed its initial assessment of prospects and leads in the permits and has identified the Ramble On prospect, incorporating proven reservoir, seal and source intervals as a new structural play for the basin.
Ramble On is the southern most prospect within a trend of prospects and leads that have been identified using the 2012 Zeppelin 3D seismic survey and the older Onnia 3D survey which has been reprocessed using the same processing stream used in the Zeppelin survey.
MEO estimates Ramble On could contain unrisked Prospective Resources of 56 MMstb oil (mean, recoverable).
Ramble On Prospective Resources* P90 P50 Mean P10 Oil Case (MMstb) 8 39 56 130
* Un-Risked Prospective Resources - Recoverable 100%
The attached flyer is being marketed to industry participants as part of a farm-out process.
MEO's CEO and MD Jurgen Hendrich commented on the announcement:
"The prospectivity identified by the MEO exploration team contains a new play type accessing Jurassic aged source rocks, close to an existing discovery (Montara). In the event of drilling success, significant follow-up potential has been identified within a string of leads against the basin margin fault."
Summary
AC/P51 is located on the western margin of the Vulcan sub-basin adjacent to a number of oil and gas discoveries. The permit has an area of 964km2 and is held 100% by MEO Australia.
AC/P51 is in good standing and currently in Permit Year 5.
MEO has recently identified the Ramble On prospect, incorporating proven reservoir, seal and source intervals in a new structural play for the basin. Ramble On is part of a trend of prospects that have been identified using the new Zepplin 3D seismic survey and the reprocessed Onnia 3D survey.
MEO is offering interested parties the opportunity to acquire up to 50% in AC/P51 in return for a promoted carry on 2014 drilling plus a contribution towards back costs. Equity is also available in the adjacent AC/P50 and AC/P53 permits.
Prospectivity
AC/P51 is located on the Western margin of the Vulcan sub-basin, where the Late Jurassic, oil prone source rock presence is demonstrated and related oil discoveries have been made nearby at the Montara and Talbot oil fields.
The area has historically suffered from poor seismic data quality. The recent 3D seismic data acquisition and reprocessing undertaken by MEO has led to a sufficient improvement in seismic data quality such that the true structural form of the key Plover and Montara reservoir units can now be defined.
A series of 3-way low side fault traps have been identified, which are juxtaposed against the shale prone Lower Triassic Mt Goodwin section. At the deepest end of the trend the structures incorporate the Middle-Late Jurassic section, while updip to the north east the Mid-Upper Triassic section is incorporated in a trapping configuration.
The highest graded prospect is Ramble On, located at the south west end of the trend. Ramble On is ideally located for hydrocarbon charge immediately adjacent to Late Jurassic source-prone intervals. The prospect is a very robust structure with ~500m of vertical relief and the crest of the feature is approximately 2800mSS at the Montara/Plover Fm objective.
Farmout Process
Interested parties will be required to execute a Confidentiality Agreement prior to MEO providing a technical overview presentation. A physical data room will be available from 21st August, 2013 at MEO's Melbourne office. Offers capable of acceptance (subject to final documentation) are sought by 30th November, 2013.
For tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-393232.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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