MEO Australia Eyeing Partner for Bonaparte Basin Permit

MEO Australia Limited has been awarded a new exploration permit, WA-488-P in the Bonaparte basin, as part of the 2012 Gazettal Round. MEO will hold 100% interest in the permit.

WA-488-P covers an area of 4,105 km2 and is located adjacent to MEO’s WA-454-P (100%) permit. MEO has identified a substantial prospect that it believes can be readily advanced to drillable prospect status by reprocessing of existing seismic data and integration of offset well data.

MEO intends to commence a farmout/partial sale process in early 3Q-2013. Full technical details of the prospectivity will be released as the farmout/partial sale process is matured.

MEO’s CEO and MD Jürgen Hendrich commented on the announcement:

“The award of WA-488-P substantially enhances our acreage footprint in the region. The permit was  selected based on our deep technical understanding of the region and the assessment of a new play  concept by our exploration team that has substantial analogues in other  geographies. MEO is very encouraged by the prospects identified within permit the materiality of which will no doubt appeal to the larger oil and gas companies.