MEO opts out of northern Australia offshore concession

Offshore staff

MELBOURNE, Australia – MEO Australia subsidiary Finniss Offshore Exploration has decided to withdraw from an exploration offshore Darwin, Northern Territory, Australia.

The companyfarmed into NT/P79 last December, pursuing an exploration play concept which required validation by 2D seismic data that was not available at the time. Geoscience Australia acquired the data at no cost to the license participants.

However, MEO’s subsequent review concluded that the play concept could not be sufficiently de-risked to warrant further investment.

8/27/2013