MEO Seeks Farminee for WA-454-P Exploration (Australia)

MEO Australia Limited advises 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 1st.

MEO intenda to secure 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 (High case*) while the “gas and oil case” prospective resource is up to 2.4 Tcf with 276 MMstb oil/condensate (High case*).

Prospective farminees are invited to contact MEO’s commercial manager, Robert Gard to arrange data room access from November 1st.

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.”

[mappress]
Press Release, October 10, 2012