Origin to operate Breakwater well offshore Australia

MEO has agreed to a farm-out with Origin Energy for the WA-454-P offshore permit in the Bonaparte Gulf Petrel sub-basin offshore Western Australia.

Offshore staff

MELBOURNE, AustraliaMEO has agreed to a farm-out with Origin Energy for the WA-454-P offshore permit in the Bonaparte Gulf Petrel sub-basin offshore Western Australia.

The concession contains the Marina gas and probable oil discovery together, the Breakwater prospect, and numerous other leads.

MEO acquired the 601-sq km (232-sq mi)Floyd 3D seismic survey over the acreage in early 2012.

Origin will acquire a 50% operating interest in the permit by paying 80% of MEO’s historical costs, and funding 80% of the Breakwater-1 exploration well up to a cap (excluding testing) of A$35 million ($33.8 million).

This will meet the Permit Year 5 discretionary well obligation.

10/21/2013

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