MEO Australia to Start WA-454-P Farm-Out

MEO Australia announced that the data room for the WA-454-P exploration permit, which contains the Marina-1 gas and probable oil discovery and the sizeable Breakwater prospect, will open on November 1 st.

MEO provides an overview of the exploration permit and will distribute the brochure to industry participants with the intention of securing a farminee to fund planned drilling in the permit. The farmout is scheduled to conclude by the end of 1Q-2013.

The Marina-1 discovery independently is assessed to contain 3C* contingent gas resources of up to 302 Bcf and 3C* contingent oil/condensate resources of up to 29.5 MMstb.

The nearby Breakwater prospect is an LNG scale prospect with potential for significant liquids located near discovered resources with plans for development using Floating LNG technology. The nearby Blacktip gas field supplies the Darwin domestic market. The “gas only case” prospective resource estimate is up to 2.7 Tcf with 87 MMstb condensate while the “gas and oil case” prospective resource is up to 2.4 Tcf with 276 MMstb oil/condensate (High case).

MEO’s CEO and MD Jürgen Hendrich commented on the announcement: “It is a credit to MEO’s technical team that this permit is offered for farmout merely 18 months after being awarded by the Australian Government. The prospects for significant gas resources and potentially for liquids as well should ensure strong interest from industry.”

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LNG World News Staff, October 10, 2012; Image: MEO