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.

MEO Australia WA-488-P
MEO Australia WA-488-P

Offshore staff

MELBOURNE, AustraliaMEO 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.”

5/23/2013

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