MEO working on new play in offshore Australia license
MEO Australia (ASX: MEO; OTCQX: MEOAY) has been awarded a new exploration permit, WA-488-P, in the Bonaparte basin offshore Australia.
The 4,105-sq km (1,585-sq mi) concession is next to the company’s existing WA-454-P permit. MEO has identified a standout prospect that it aims to progress to drilling status by reprocessing existing seismic and integration of offset well data.
It will start a farm-out/partial sale process in early 3Q 2013.
CEO and MD Jürgen Hendrich said: “The permit was selected based on our deep technical understanding of the region and the assessment of a new play concept by our exploration team that has substantial analogues in other geographies.”