Melbourne, Sep 24, 2012 (ABN Newswire) - MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) provides the following update in relation to its interests in the Gulf of Thailand G2/48 concession, operated by Pearl Oil Offshore Limited ("Pearl Oil"), an affiliate of Mubadala Petroleum.
Pearl Oil has been advised by the Department of Mineral Fuels ("DMF") that the Year 5 and Year 6 obligation wells are required to be drilled in order to satisfy the minimum work obligations for the second Obligation Period under the Concession.
As the Year 5 commitment is prior to MEO's entry to the Concession, Pearl Oil will fulfil the well obligation by drilling an additional well at its sole expense during the current drilling programme. The location of the well is yet to be determined.
MEO's participating interest in the additional well will be 50% with zero cost exposure. The well therefore represents no change to MEO's commitments or rights in G2/48.
Sainampueng-1 will fulfil the Year 6 obligation and is expected to be drilled in 4Q 2012.
MEO Australia Ltd (ASX:MEO) (OTCQX:MEOAY) is an ASX listed, independent oil and gas company focused on building a substantial Australian and international E&P business servicing the rapidly growing Asian energy markets.
The Company has assembled a portfolio of exploration, appraisal and development stage opportunities on the NW Shelf, the Ashmore Cartier and the Timor Sea regions in Australia, offshore North Sumatra, and on Madura Island, East Java in Indonesia and the Gulf of Thailand.
MEO has also attracted a high calibre Board of Directors and proven Executive, Technical and Commercial talent with a demonstrated track record of attracting and partnering with globally recognised industry participants.
MEO Australia is listed on the Australian Stock Exchange (ASX: MEO, OTC: MEOAY) and is headquartered in Melbourne, Australia.