MEO lifts stake in Carnarvon basin permit

MEO Australia has agreed to acquire Gascorp Australia’s 15% equity share of the WA-361-P exploration permit offshore Western Australia.

Offshore staff

MELBOURNE, Australia -- MEO Australia has agreed to acquire Gascorp Australia’s 15% equity share of the WA-361-P exploration permit offshore Western Australia.

The transaction raises MEO’s interest to 50%. Gascorp will receive $1 million in cash once regulatory approval has been issued.

WA-361-P extends over 1,216.5 sq km (469 sq mi) adjacent to MEO’s WA-360-P permit, and north of the producing Goodwyn and Perseus fields. MEO has identified various leads that will need further analysis, including potential seismic studies.


07/13/2010

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