MEO Australia on behalf of its wholly owned subsidiary Drysdale Offshore Exploration has advised that the WA-454-P Joint Venture has determined it will make two applications to the Titles Administrator to vary the Permit work program.
The first application will seek to extend by 6 months Permit Year 4 (currently ending 8th June 2015) to provide further time to undertake seismic reprocessing. The second application will seek to move the current well commitment from Permit Year 5 (currently commencing 9th June 2015) to Permit Year 6 (currently commencing 9th June 2016).
If both applications are successful, the proposed Breakwater-1 exploration well will need to be drilled prior to the revised permit expiry date of 8th December, 2017.
Furthermore, the Joint Venture has agreed that the notice period for a drill or drop decision has been extended to allow time for receipt of the Titles Administrator's decision on both of the applications.