MEO Australia regains Timor Sea LNG project interest

Offshore staff

MELBOURNE, Australia -- MEO Australia has regained a 100% interest in the NT/P68 exploration permit and 100% interest in the Timor Sea LNG project. The Tassie Shoal Methanol project is reverting to a 50/50 joint venture with MEO and Air Products and Chemicals.

MEO is finalizing a renewal application for NT/P68 ahead of the expiry of the permit in February 2010. The renewal will be for five years, comprising a three-year primary and two-year year secondary term and involves a mandatory 50% relinquishment of the permit. Following permit renewal, MEO plans to attract a farm-in partner to assist with the appraisal of its two gas discoveries.

10/19/2009