Offshore staff

MELBOURNE, Australia -- MEO Australia has farmed into three Northwest Shelf offshore permits operated by Cue Energy Resources. MEO has secured a 60% participating interest in the exploration permits via a seismic acquisition option.

According to MEO, the permits offer scope for many prospective oil and gas leads. The most obvious potential appears to be in WA-361-P, immediately northwest of the Perseus gas field and on the northern flank of the Goodwyn gas field where a thick sequence of interpreted Legendre shoreface and shallow marine sandstones are present in the Keast Graben, the company says.

The company says it has identified a potential stratigraphic trap, Zeus, which is thought to be a similar play and analogous to the Perseus gas field and to the new Woodside Persephone-1 discovery on the eastern flank of the North Rankin gas field.

MEO has secured the PGS Australia seismic acquisition vessel M/VOrient Explorer to acquire approximately 300 sq km (116 sq mi) of new 3D seismic data in the Northwest Shelf permits.

10/30/2007