MEO Australia Completes Assessment of Beehive Prospect

MEO Australia Limited has completed its assessment of the Beehive prospective resource estimates in its recently awarded, 100% owned WA-488-P.

The estimated prospective recoverable resources for the two objectives in the Beehive prospect:

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.”

WA-488-P is located in the Petrel Sub-basin between the producing Blacktip gas field and the undeveloped Turtle and Barnett oil discoveries. WA-488-P has an area of 4,074 km2 and was recently awarded to MEO (100%) for an intial 6 year term.

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