MEO Australia has accepted an offer from the National Offshore Petroleum Titles Administrator (NOTPA) to renew the AC/P50 and AC/P51 exploration permits for a further five years. The firm minimum work program requirement is for the first three years of the renewal and for each block consists of geological and geophysical studies and seismic data reprocessing. The discretionary secondary term work program, Years 4 and 5, contain one well in each permit.
AC/P50 and AC/P51 are located in the proven Vulcan Sub-basin, immediately to the east of the producing Montara oil field. MEO has identified a trend of prospects and leads with some similar characteristics to Montara. The most mature of the features is the Ramble On prospect in AC/P51. The focus of the next phase of work will be to seek to further de-risk these prospects and leads as well as maturing other play types.