MEO Australia Limited released the findings of an independent report by Senergy (GB) Limited, commissioned by MEO to provide a preliminary volumetric assessment of the Marina-1 gas and liquids discovery and the Breakwater prospect in its 100% owned WA-454-P, in the Joseph Bonaparte Gulf, offshore Western Australia.

Marina gas and probable oil discovery

Senergy concluded that Marina-1 contains contingent resources in up to 5 zones: •Gas is considered "proven" in Zones 1, 2, 3 & 4, however only "possible" in Zone 5. •While oil is not "proven", it is considered "probable" in Zone 1 and "possible" in Zone 2. •Oil is also considered "possible" in Zone 4, however no volumes were assessed.

These resources are classified as "Contingent" since Marina is yet to be demonstrated to be commercial.

"Since being awarded the permit in mid-2011, MEO has fast-tracked its technical evaluation including an independent resource assessment and accelerated 3D seismic program by two years. We are aiming to be in a position by year end to attract a funding partner to drill an appraisal well on Marina seeking to confirm oil and also test the potential of the Breakwater prospect."

Tags: MEO Australia Limited