Melbourne, April 30, 2013 AEST (ABN Newswire) - 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."