Withdraws from NT/P79 Exploration Permit
MEO farmed into the permit in December 2012 to pursue an exploration play concept that required validation by 2D seismic data that was not available at the time of the farm-in. The 2D data was acquired by Geoscience Australia ("GA") at no cost to the NT/P79 participants.
Following receipt and evaluation of this seismic data, MEO concluded that the exploration play concept could not be sufficiently de-risked to warrant further investment in this permit.
Having satisfied the Permit Year 4 work obligations, the joint venture participants consequently elected to withdraw from and surrender NT/P79 prior to the commencement of permit year 5.
MEO's CEO and MD Jürgen Hendrich commented on the announcement:
"MEO's entry into NT/P79 was predicated on being able to de-risk a geological play concept with 2D seismic data that was acquired by GA. Unfortunately, this data did not enable the play concept to be matured. We have therefore surrendered the permit and will focus our efforts on higher value opportunities."
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.
MEO Australia Limited