Awarded Bonaparte Basin Exploration Permit WA-488-P
Awarded Bonaparte Basin Exploration Permit WA-488-P
Melbourne, May 23, 2013 AEST (ABN Newswire) - 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."
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About MEO Australia Limited

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.

 


Contact

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



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