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MEO Australia provides Zeus-1 update


Published Jan 9, 2009
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MEO spuds the Heron-2 well

MEO Australia Limited advise that it expects the Songa Venus semi-submersible drilling rig to be handed over to MEO for towing to the Zeus-1 well location. Following a 7 day tow, Zeus-1 is expected to spud on or about 17th January.

The Zeus play is estimated to have the potential to contain in the order of 15 Tcf gas-in-place in the primary objective and a further 3.7 Tcf gas-in-place in the shallower secondary objective. Any material gas volumes discovered in this premium location will have a plethora of potential development options, including domestic and export (LNG) gas markets.

Clive Palmer's Resource Development International Limited (RDI) is paying 80% of the costs of Zeus-1 to earn a 35% interest. Success at Zeus-1 will establish MEO and RDI together with their JV partners as key players in the Australian upstream gas (& potential gas export) industry.

Tags: MEO Australia Limited



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