MEO Australia accepts two permit renewal offers
MEO Australia Ltd. has accepted an offer from the National Offshore Petroleum Titles Aministrator to renew the AC/P50 and AC/P51 exploration permits for a further five years.
The firm minimum work program requirement is for the first three years of the renewal and for each block consisting of geological and geophysical studies and seismic data reprocessing. The discretionary secondary term work program for years 4 and 5, contain one well in each permit.
AC/P50 and AC/P51 are located in the proven Vulcan sub-basin, located to the east of the producing Montara oil field.
The company stated that it has identified a trend of prospects and leads with similar characteristics to Montara, with the most mature of the features being the Ramble On prospect in AC/P51.
MEO will focus on the next phase, which is to further de-risk these prospects and leads, as well as maturing other play types.