MEO Corporate Resource Update
Melbourne, Sep 3, 2013 AEST (ABN Newswire) - MEO Australia Limited (
ASX:MEO) (MEOAY:OTCMKTS) advises that it has completed a quantitative assessment of the discoveries, prospects and leads within its portfolio. The assessment has focused only on the highest ranked components of each component of the portfolio.
The assessment has been carried out in accordance with the Petroleum Industry's "Petroleum Resource Management System" (PRMS), a fully integrated system that provides the basis for classification and categorization of all petroleum reserves and resources.
Based on this assessment, MEO has net 2C contingent resources of 110 MMboe. The exploration portfolio is assessed to contain net prospective unrisked resources of 1,667 MMboe (best estimate) or 240 MMboe on a risked basis (best estimate).
These resources are distributed across a range of project areas providing geographic diversity and hydrocarbon product diversity within the portfolio.
Contingent Resources
--------------------------------------------------Net to MEO 1C* 2C 3C* --------------------------------------------------Gas Bscf 423 614 1,446Liquids (condensate & oil) MMstb 2 8 27Aggregate (oil equivalent) MMboe 72 110 268--------------------------------------------------
* the aggregate 1C may be a very conservative estimate and the aggregate 3C may be a very optimistic estimate due to the portfolio effects of arithmetic summation
Prospective Resources
-------------------------------------------------Net to MEO Best Mean-------------------------------------------------Total Prospective (unrisked) MMboe 1,667 2,299Total Prospective (risked) MMboe 240 322-------------------------------------------------
Note that in regard to prospective resources the estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
MEO's CEO and MD Jurgen Hendrich commented on the announcement:
"The booking of Contingent and Prospective resources represents a significant milestone for the Company. MEO's ongoing strategy is to build on this strong foundation by continuing to mature the portfolio and to crystallise value along the way through a combination of commercial transactions and drilling. Ultimately, value will be created by progressively proving and subsequently developing this resource base into projects with long term cash flows."
The attachments to this summary provide additional technical details to the assessment.
To view, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-394171.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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