Australia: MEO Says Petrobras to Withdraw from WA-360-P

MEO Australia Limited announced that Petrobras International Braspetro BV (Petrobras) has provided notice to the WA-360-P Joint Venture participants today that it intends to withdraw from the Permit effective from the end of the current Permit year.

While MEO has identified a significant lead in WA-360-P, it does not meet Petrobras’ materiality threshold.

Once the withdrawal process is complete, Petrobras’s 50% participating interest will initially be allocated to the remaining participants on a pro-rata basis in accordance with the provisions of the Joint Venture Operating Agreement.

“MEO will continue to work together with Cue Energy Resources Limited and Moby Oil & Gas Limited to finalise the Permit renewal process and expects to submit the renewal application by the end of October“, MEO said in a press release.

“MEO has forged a solid and professional relationship with Petrobras since 2009 and looks forward to building on this strong relationship in the future“, MEO added.

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Source: MEO Australia, September 22, 2011;