MEO Australia Limited advises that Petrobras International Braspetro BV (Petrobras) has provided notice to the WA-360-P Joint Venture participants today that it intends to withdraw from the Permit effective from the end of the current Permit year.

While MEO has identified a significant lead in WA-360-P, it does not meet Petrobras' materiality threshold.

Once the withdrawal process is complete, Petrobras's 50% participating interest will initially be allocated to the remaining participants on a pro-rata basis in accordance with the provisions of the Joint Venture Operating Agreement. MEO will continue to work together with Cue Energy Resources Limited and Moby Oil & Gas Limited to finalise the Permit renewal process and expects to submit the renewal application by the end of October.

Tags: MEO Australia Limited, Petrobras