MEO Australia Limited is pleased to advise the execution of final documentation to farmout of a 30% participating interest in the WA-488-P exploration permit to a wholly owned subsidiary of SGX-listed Rex International Holding ('Rex').
Commenting on the announcement, MEO's MD & CEO Peter Stickland said: 'MEO is pleased to have completed the farm-out of WA-488-P to Rex. Rex's assessment provides an independent verification of the strong prospectivity of block WA-488-P. Importantly, the agreement significantly increases the potential for MEO to be fully funded through the drilling of Beehive-1.
MEO continues to engage with a number of other parties who are also evaluating WA-488-P and additional parties can be accommodated in the Permit by the current agreement.'