ABN Newswire

MEO Australia Limited (ASX:MEO) Awarded Bonaparte Basin Exploration Permit WA-488-P

newsroom@abnnewswire.net — Thu, 23 May 2013 09:28:44 GMT

MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) advises that it has has been awarded a new exploration permit, WA-488-P in the Bonaparte basin, as part of the 2012 Gazettal Round. MEO will hold 100% interest in the permit.

WA-488-P covers an area of 4,105 km2 and is located adjacent to MEO's WA-454-P (100%) permit. MEO has identified a substantial prospect that it believes can be readily advanced to drillable prospect status by reprocessing of existing seismic data and integration of offset well data.

MEO intends to commence a farmout/partial sale process in early 3Q-2013. Full technical details of the prospectivity will be released as the farmout/partial sale process is matured.

Exploration Permit WA-488-P Work Program
----------------------------------------------------
       Permit Permit Work                  Estimated 
       Year   Year   Program             Expenditure
              Start                  (A$ indicative)
----------------------------------------------------
Primary 
Term     1    22 May 400 km 2D Seismic
               2013  Data Reprocessing    $150,000
         2    22 May Geological and
               2014  Geophysical Studies  $200,000
         3    22 May One (1) Exploration
               2015  well                 $20,000,000

Secondary 
Term     4    22 May 400 km2 New 3D
               2016  Seismic Survey       $5,000,000
         5    22 May Geological and 
               2017  Geophysical Studies  $200,000
         6    22 May One (1) Exploration
               2018  well                 $20,00,000
----------------------------------------------------

MEO's CEO and MD Jürgen Hendrich commented on the announcement:

"The award of WA-488-P substantially enhances our acreage footprint in the region. 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. MEO is very encouraged by the prospects identified within permit the materiality of which will no doubt appeal to the larger oil and gas companies."
To view location map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-390051.pdf

MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au

MEO Australia Limited (ASX:MEO) Exploration Manager and Personnel Changes

newsroom@abnnewswire.net — Wed, 1 May 2013 09:19:10 GMT

MEO Australia Limited (ASX:MEO) (OTC:MEOAY) advises the following personnel changes effective 1st June 2013.

Dave Maughan has elected to retire from his current role as Exploration Manager, effective 1st June 2013 and has accepted an ongoing advisory role with commensurately less demand on his time.

Concurrently, Peter Stickland will move from his current role of New Ventures Manager to Exploration Manager effective 1st June 2013. Peter joined MEO in April 2011 initially as New Ventures Adviser and subsequently as New Ventures Manager. Peter brings a wealth of experience gained initially with BHP Billiton and subsequently with Tap Oil where he was Exploration Manager from 2005 to 2007 and then CEO from 2008 through late 2010 during which time he oversaw Tap evolve into a South East Asia/Australia focused E&P Company.

MEO's CEO and MD Jürgen Hendrich, commented on the announcement:

"Peter has made a tremendous contribution to our New Venture effort and I am very pleased that he has agreed to take on a more demanding role and help MEO build a solid resource base from which to grow long term shareholder value.

For some time, Dave has indicated a desire to spend more time with his family including a growing number of grandchildren. He has contributed almost 5 years to the MEO cause and under his guidance we have assembled a portfolio of opportunities with the potential to deliver substantial shareholder value. On behalf of the Board of Directors and all personnel at MEO, I express my gratitude for his valuable contribution and his commitment to an ongoing involvement. We wish him a healthy and happy retirement."

MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au

MEO Australia Limited (ASX:MEO) Regulatory Approval For Work Programme Variations

newsroom@abnnewswire.net — Tue, 30 Apr 2013 09:37:51 GMT

MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) advises that it has received regulatory approval for minimum work programme variations in relation to its AC/P50 & AC/P51 permits (MEO 100%). For AC/P50, the variation sought moves the discretionary well obligation into the final permit year commencing 21st April 2014. For AC/P51, the variation sought replaces the 2D seismic acquisition with 174 km2 of multi-azimuth 3D seismic processing.

MEO retains the option to withdraw at the end of each year in the Secondary Term of both Permits.

MEO's CEO and MD Jürgen Hendrich, commented on the announcement:

"The variation granted for AC/P50 allows additional technical information to become open file in time to integrate with our existing understanding to mature the identified leads towards drillable prospect status. The variation granted for AC/P51 aligns the work program with the maturity of advancing the existing identified leads towards drillable prospect status. Our technical teams are working diligently towards preparing both permits for a partial sale process early in the second half of the year."

For the Work Program calendar, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-389022.pdf

MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au

MEO Australia Limited (ASX:MEO) Quarterly Activities Summary for Period Ended 31st Mar 2013

newsroom@abnnewswire.net — Wed, 24 Apr 2013 09:30:58 GMT

MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) provides the following summary in relation to its activities during the quarter ended 31st March 2013.

Executive Summary

During the quarter, MEO completed a strategic review following the disappointing drilling results during 4Q-2012. The review determined that drilling Gurame SE-1X at 100% interest was regrettable and the Company's risk management and investment decision processes needed to be strengthened following the rapid expansion of the portfolio from late 2010 through to early 2012. The review highlighted the dependence upon farmouts/partial sale processes and the need to reduce upfront investment costs and accelerate the recovery of invested capital.

Letters of intent were signed with 3 top tier methanol buyers. While non-binding at this early stage, the LOI's provide a strong foundation to commercial discussions with prospective suppliers of gas. Formal offers were made to custodians of gas resources for the purchase of gas sufficient to supply 2 methanol plants for 20 years.

In NT/P68, our JV partner Eni Australia exercised its option in early February to drill a well on the Blackwood structure and has 18 months from the date of election to drill the well. Negotiations for a drilling rig are well advanced and MEO considers there is a strong likelihood of drilling the well in late 2013 subject to the usual caveats of rig scheduling, regulatory and partner approvals, weather, operational progress etc.

In addition, an extension to the Heron 2nd well option to 18th December 2013 was agreed in consideration for amendments to the Farm-In-Agreement. The most significant of these include the de-coupling of options relating to increasing equity in either the Blackwood and/or Heron areas to 75% such that the elections for each area are now stand-alone decisions. In addition, if the 2nd well option is exercised, the start date for the 3 year window in which the well needs to be drilled, commenced on 12th February 2013. Eni will also fund several studies aimed at providing a better understanding of predicting reservoir properties including productivity.

Technical work aimed at supporting existing and planned partial sale processes continued apace.

At WA-454-P interpretation of the Floyd 3D seismic data allowed contingent resource estimates for Marina oil and gas resources to be materially upgraded, while also permitting prospective resource estimates for the deeper untested potential at Marina Deep to be estimated for the first time. Marina is now estimated to contain contingent oil resources of 9.2 MMstb and 29 MMstb in the 2C and 3C categories respectively. This contingent resource alone is worthy of appraisal to determine whether sufficient volumes can move from the 3C category into the 2C category to warrant development. In addition contingent gas resources were upgraded to 169 Bcf and 423 Bcf in the 2C and 3C categories respectively. When risked prospective gas resources of 236 Bcf (Best estimate) and 487 Bcf (high estimate) at a 40% chance of success are included, the Marina discovery together with the deeper undrilled potential forms an attractive appraisal opportunity. Several parties continued their evaluation of the partial sale opportunity during the quarter.

In the Seruway PSC, attention focused on preparing for the partial sale process which was launched during the quarter. Ahead of the launch, resource estimates were prepared for the Kuala Langsa gas discovery and the prospects on the Ibu Horst - namely Juaro and Ibu Alpha.

The Kuala Langsa gas discovery was made by a well drilled in the adjacent permit and has been mapped by MEO to continue into the Seruway PSC. Reservoir quality intersected by Kuala Langsa-1 was excellent, however the gas has a high level of CO2 which industry has claimed is up to 80%. Technical work undertaken by MEO suggests the CO2 is more likely 50-60%, which while still high, results in at least a doubling of the hydrocarbon gas content. Taken together with an unsatisfied gas demand, an underutilized LNG export facility and attractive domestic gas prices, the prospects of significantly higher hydrocarbon gas resources provide a potentially attractive development option. The 2C contingent raw gas resource on permit is estimated at 1.5 Tcf.

The Juaro prospect was drilled by ONS B-1. The well flowed gas on testing and recovered 37o API oil, suggesting an oil accumulation below a gas cap. The high quality Ibu Horst 3D seismic acquired by MEO in early 2012 has provided the resolution to map the reservoir distribution away from the discovery well onto the flanks of the Ibu Horst, where the reservoir thickens. Estimates of the prospective recoverable oil resource trapped in the main accumulation is 236 MMstb (Best Estimate), with a further 64 MMstb in additional, independent subsidiary structures. Together, this prospective 300 MMstb represents an attractive target.

A second prospect to the north of Juaro - Ibu Alpha - was identified by following up an earlier discovery well (NSO 2N) which recovered gas from a different stratigraphic target. The Ibu Alpha Prospect is considered prospective for oil with an estimated recoverable prospective oil resource of 24 MMstb (best estimate).

Further partial sale processes are planned to be launched towards mid year including, the AC/P50 & 51 permits, the G2/48 concession in the Gulf of Thailand and one or both the North West Shelf permits (WA-360 & 361-P).

Cash balance at end of quarter

Consolidated cash balance at the end of the quarter was $20.9m.

Events subsequent to the end of the quarter

There were no material events subsequent to the end of the quarter.

Priorities for the current quarter ending 30th June 2013

- Conclude farmout/partial sale process for WA-454-P
- Mature farmout/partial sale process for Seruway PSC
- Seek regulatory approvals for variation to AC/P50 & AC/P51 minimum work program commitments
- Prepare to launch farmout/partial sale process for AC/P50 & 51
- Prepare to launch farmout/partial sale process for G2/48 concession in Gulf of Thailand
- Prepare to launch divestment process for North West Shelf permits
- Progress Tassie Shoal projects
- Seek high value New Ventures opportunities

View the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-388770.pdf

MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au

MEO Australia Limited (ASX:MEO) Marina-1 Oil Resource Upgrade

newsroom@abnnewswire.net — Mon, 25 Mar 2013 10:11:00 GMT

MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) advises that it has updated its assessment of the discovered and the prospective resources associated with the Marina gas and probable oil discovery in its 100% owned WA-454-P, in the Joseph Bonaparte Gulf, offshore Western Australia. The revised assessment is based on the high quality Floyd 3D seismic data acquired in 2012. Resource classifications used are consistent with the independent assessment based on 2D seismic and well log data as summarised in the ASX release dated 29th February 2012.

Contingent resources for the Marina discovery have increased significantly at all confidence levels. The drivers for the upgrade include:

- The realization that Marina-1 was drilled at a non-crestal location, leaving a significant attic up dip of the Marina-1 location.

Larger column heights due to this attic coupled with better imaging and velocity control yielded significantly larger areal extent for some of the deeper horizons.

Marina-1 ceased drilling while still in structural closure, with deeper prospective horizons remaining untested. This prospective interval is collectively termed the Marina Deep prospect. The target intervals were intersected in Lesueur-1 well (25 km SE) and found to be of excellent quality.

A Technical Supplement outlining the resource assessment in more detail is included on the MEO website on the "Projects" page under "Joseph Bonaparte Gulf Exploration".

MEO's CEO and MD Jürgen Hendrich, commented on the announcement:

"The material upgrade to contingent gas and oil resources at Marina together with the assessment of significant untested deeper potential represents the culmination of many months of high quality technical work by our technical team and vindicates the value of 3D seismic.

The recent activity in the Northern Territory gas market highlights the significant unmet demand for gas in the domestic market and the potential for new sources of gas to meet that market. Marina has the benefit of having liquids rich gas and potentially commercial oil in two of the five hydrocarbon bearing reservoirs intersected by Marina-1. These attributes combine to greatly increase the commercial attraction of the gas resource required to underpin a commercial development relative to a dry gas resource.

We are currently seeking a funding partner to assist with appraising the assessed upside potential of the existing discovered resource as well as testing the deeper potential at Marina. A successful appraisal program has the potential to advance Marina towards commercial development."

Background

MEO was awarded WA-454-P on 14th June 2011 as part of the 2010 gazettal round. The Permit contains the 2007 Marina discovery.

MEO acquired the 601 km2 Floyd 3D seismic survey over the Marina discovery, the Breakwater prospect and two additional leads in early 2012. Final processed products were delivered towards the end of 2012.

The resource assessment has been carried out using the definitions and guidelines set out in the 2007 Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).

For tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-387596.pdf

MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au

MEO Australia Limited (ASX:MEO) Heron Well Notice Extended To Allow Technical Studies

newsroom@abnnewswire.net — Mon, 25 Mar 2013 09:34:22 GMT

MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) advises that it has executed binding amendments to the NT/P68 Farm-in Agreement (FIA) dated 17th May 2011 to extend the second Heron well notice date to 18th December 2013.

This extension allows additional studies to be undertaken, the costs of which will be borne by Eni. The deadline for completion of the second well in the event Eni elects to drill the well, remains unchanged at 12th February 2016.

Under the terms of the FIA, Eni had the option to acquire an additional 25% interest in the permit by funding MEO's share of the work programme required to reach a Final Investment Decision (FID) in either Heron and/or Blackwood. The amendments to the FIA have split this option into separate elections allowing the additional 25% equity to be elected independently in the Heron and Blackwood areas.

MEO's CEO and MD Jürgen Hendrich, commented on the announcement:

"Heron South-1 intersected two significant gas bearing intervals but flowed gas to surface at rates too small to measure accurately. This time extension allows technical studies to be undertaken to better understand the causes of and distribution of reservoir productivity and determine whether sweet spots can be expected at Heron and where these have the highest probability of occurrence."

MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au

MEO Australia Limited (ASX:MEO) Seruway PSC Resource Estimate Update

newsroom@abnnewswire.net — Fri, 8 Mar 2013 09:40:39 GMT

MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) provides the following update in relation to its technical assessment of the prospective resources identified on the major Ibu Horst prospects and the discovered gas resource volumes associated with the Kuala Langsa gas discovery within the Seruway PSC, offshore North Sumatra

Ibu Horst 3D area

MEO has integrated the results of the 701 km2 Ibu Horst 3D seismic survey acquired in early 2012, with data from the ONS B-1 (1969), NSO-2N (1975) and Salem-1 (1983) discovery wells on the Ibu Horst. Two significant areas of prospectivity were identified: the Juaro complex and the Ibu Alpha prospect.

Juaro Complex

The 1969 ONS B-1 well produced 12.5 mmcf/d gas on test and also recovered 37o API oil.

The Juaro complex consists of a number of discrete down-dip extensions of the reservoir intersected by ONS B-1. In aggregate, these are assessed to contain a mean recoverable prospective resource in excess of 290 million barrels of oil, predominantly within high quality reservoirs. The largest of these accumulations is assessed to contain 230 million barrels of oil, with an aggregate 63 million barrels of mean prospective resources within a cluster of subordinate features.

Ibu Alpha Prospect

The 1975 NSO-2N well recovered a sample of gas from a shallow reservoir. To the north of the PSC are known oil fields. MEO has identified a deeper reservoir objective considered prospective for oil in the Ibu Alpha prospect near the NSO-2N discovery well and has assessed this prospect to contain a mean prospective recoverable oil resource of approximately 24 million barrels.

Kuala Langsa gas discovery

The 1992 Kuala Langsa-1 well discovered gas in high quality reservoirs in the adjacent PSC. The entire Kuala Langsa field has been assessed to contain between 5.4 - 10.9 Tcf* (P90-P10) of raw gas-in-place, in highly productive carbonate reservoirs. MEO considers the crest of the field to occur within the Seruway PSC.

(* Consistent with PT. Medco Energi's public assessment)

MEO has carried out additional reservoir studies based on evaluation of the available 2D seismic data and the well results including pressure and fluid sampling and production testing.

Some 2.1 Tcf (P50) of raw gas-in-place is assessed to be within the Seruway PSC. MEO assesses that approximately 1.5 Tcf of this assessed raw gas in place would potentially be recoverable.

The CO2 content of Kuala Langsa gas is considered a key uncertainty worthy of further investigation. Surface sampling during production testing of Kuala Langsa-1 reported 80% CO2. In contrast, modern reservoir engineering analysis coupled with analysis of samples recovered from the reservoir suggests CO2 in the 50-60% range. The hydrocarbon content of the gas is more than doubled if the CO2 can be confirmed in the lower range.

Partial sale process underway

MEO has appointed RBC Capital Markets to advise on strategic options for the Seruway PSC. Further announcements will be made in due course.

To view the location map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-386935.pdf

MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au

MEO Australia Limited (ASX:MEO) Extends Second Heron Well Notice Date to 22nd March

newsroom@abnnewswire.net — Mon, 4 Mar 2013 09:33:25 GMT

MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) advises that it has agreed to further extend the deadline date for Eni to elect to drill a second Heron well from 1st March 2013 to 22nd March 2013.

Discussions are underway for a more substantial deferral to allow for additional studies to be completed by the joint venture.

To View the location map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-386707.pdf

MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au

MEO Australia Limited (ASX:MEO) Agrees to Extend Second Heron Well Notice Date

newsroom@abnnewswire.net — Wed, 13 Feb 2013 09:30:35 GMT

MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) advises that it has agreed to extend the second Heron well election deadline to 1st March 2013.

Under the terms of the NT/P68 Farm-in Agreement (FIA) dated 17th May 2011, Eni had 60 days from the completion of the Heron South-1 well (14th December 2012) to elect whether to drill a second Heron well or withdraw from the Heron Area of the permit (refer figure 1).

View the MEO Australia announcement, including Figure 1, at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-385682.pdf

MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au

MEO Australia Limited (ASX:MEO) Tassie Shoal Methanol Project Update

newsroom@abnnewswire.net — Wed, 6 Feb 2013 10:01:41 GMT

MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) provides the following update in relation to the commercialisation progress of the first Tassie Shoal Methanol Plant ("TSMP1").

Since MEO received Expressions of Interest in April, 2012 for long term supply of 8.3MTA of methanol from TSMP(1*), indicative commercial terms including methanol pricing were provided by the major industry participants. Subsequent evaluation of these proposals has resulted in a short list of three preferred buyers with whom non-binding Letters of Intent (LOI) have been executed. The maximum total shortlisted demand exceeds the total supply capacity from TSMP1 with final quantities to be aligned with MEO's equity supply available from TSMP1.

The shortlisted buyers are major participants in the methanol market with a strong focus on expanding their Asian businesses. The LOI's provide the basis for the parties to further develop commercial terms for the sales and purchase of methanol from TSMP1 with a view to maturing these LOI's towards binding Methanol Sale and Purchase Agreements.

Discussions with interested parties on broader strategic partnerships across the value chain including the acquisition of equity in TSMP1 are continuing in parallel. In this regard, MEO is developing a commercial relationship with an Asian industry participant on a non-exclusive basis for the purpose of developing TSMP1. The Asian industry participant is a multinational corporation with broad business interests including in upstream E&P, downstream chemicals and international trading businesses and is considering taking a majority interest in, and assuming operatorship of, the TSMP1 midstream development.

MEO's Executive Manager Business Development Robert Zammit commented:

"TSMP1 represents a globally competitive methanol manufacturing facility and an opportunity for shortlisted buyers and potential equity partners to be foundation participants. As we mature the revenue side of the commercial supply chain and consider possible TSMP1 equity structures, we will sharpen our focus on the gas supply alternatives, including engaging with regional resource owners to present the TSMP1 development scenario for their consideration."

* see ASX release 12/4/2012 - Tassie Shoal Methanol Project Expressions of Interest

Tassie Shoal Methanol Project
(MEO 100%)

Project Overview

The Tassie Shoal Methanol Project ("TSMP") combines established proven technology in an innovative way to produce methanol from high CO2 feedstock gas. By designing for high CO2 in the feedgas stream, TSMP avoids the need for expensive separation, transportation and geo-sequestration costs in alternative LNG or domestic sales gas development scenarios.

The TSMP design marries proven technologies of a concrete gravity structure (CGS) with topsides processing based on Davy Process Technology Steam Methane Reforming (SMR) technology.

For each TSMP, feedgas of between 180 - 220 million standard cubic feet per day (MCFD) is required, depending upon CO2 content, to enable the production of 5000 tonnes of methanol per day or 1.75million tonnes of methanol per annum.

Central located to regional high CO2 feedstock gas: The location is adjacent to many undeveloped gas resources in the region including the Blackwood and Heron discoveries in the nearby NT/P68 exploration permit (MEO 50%) and is approximately 400kms from MEO's 100% owned WA-454P permit.

Key Project Metrics

- Water Depth: ~15m

- Plant Capacity (each): 1.75MTA

- Single Module Construction

- Platform: Concrete Gravity Structure

- Technology: Davy Process Technology

- Offloading: Single Point Mooring

- Gas feed assumption: 10-30% CO2

- Storage: 20 days production within CGS

- Fabrication Location: South East Asia - TBC

Designed by the World's Leading Experts

The TSMP has been designed in conjunction with leading industry experts including Davy Process Technology (topsides), Arup (substructure) and WorleyParsons (utilities and integration).

Competitive Advantage - single module construction

TSLNG design embeds a number of key competitive advantages when compared to onshore or floating alternatives:

- Shallow water development site at Tassie Shoal

- Benign metocean conditions

- Facilities to be located on sea floor, avoiding floating complexities, motion issues

- Accepts up to 30% CO2 in the feedgas stream

- Proximal to regional high CO2 resources, avoiding long pipelines

- World-scale capacity based on DPT SMR process

- CGS and plant topsides to be constructed in a single module in a casting basin and wet towed to site then ballasted directly onto sea floor

- Construction at a low cost SE Asian site

The ability to accept up to 30% CO2 in the feedgas stream provides feedstock flexibility over the TSMP life.

Environmental Approvals

MEO has secured Federal Government Environmental Approvals for two methanol plants to be located at Tassie Shoal. TSMP project was assessed by the Federal Government under the Environment Protection and Biodiversity Conservation Act 1999 and Environmental Approval was granted in 2002. The approval is valid until 2052.

Major Project Facilitation Status

The project has been granted Major Project Facilitation (MPF) status by the Federal Government Department of Infrastructure and Transport. The Australian government grants Major Project Facilitiation (MPF) status to projects that meet strict criteria. The MPF service endeavours to ensure that Commonwealth approval processes are coordinated with relevant state and territory government approval processes. MPF status was renewed in 2012.

Capital Cost Estimates

The following table details the capital cost estimate for the first TSMP (refer to link below for tables).

Surrounding Area Activity

Heron/Blackwood (NT/P68)

Eni and MEO are engaged in a drilling program to appraise the Heron and Blackwood discoveries after which development options will be considered.

Evans Shoal (NT/P48)

The Evans Shoal gas discovery lies directly adjacent to NT/P68 and only 10 km from Tassie Shoal. In October 2011 Santos reached agreement with Eni to divest their 40% interest in the Evans Shoal field for up to US$350 million. An appraisal well is planned for 2013.

Barossa (NT/P69)

The last well drilled in the permit in 2006 tested 16% CO2 gas. In June 2012 SK E&S farmed into both NT/P69 and NT/P61 earning up to a 49.5% interest in both permits for funding up to US$520 million in carry obligations and contingent milestone payments. Three appraisal wells are planned for 2013.

Caldita (NT/P61)

The last well drilled in the permit in 2007 tested 13% CO2 gas. In June 2012 SK E&S farmed into both NT/P69 and NT/P61 earning up to a 49.5% interest in both permits for funding up to US$520 million in carry obligations and contingent milestone payments.

View the MEO Australia announcement, including Tables & Figures, at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-MEO-385416.pdf

MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au