MEO Australia - AC/P53

MEO Australia Limited has been notified by the National Offshore Petroleum Titles Administrator of the approval of its application to vary the Permit work program for AC/P53 in the Ashmore Cartier region (Vulcan sub-basin) of the Timor Sea, offshore Australia by advancing geotechnical studies from Permit Year 6 to Permit Year 5 and deferring an exploration well commitment from Permit Year 5 to Permit Year 6.

Revised AC/P53 Work Program (100 Percent MEO) Year 5 Start Date: July 7; End Date: July 6, 2016 Minimum Work Requirements: Geotechnical Studies Estimated Expenditure (indicative only): $185,550 (AUD 250,000) Year 6 Start Date: July 7, 2016; End Date: July 6, 2017 Minimum Work Requirements: One Exploration Well Estimated Expenditure (indicative only): $18.56 million (AUD 25 million) MEO’s MD & CEO Peter Stickland commented on the announcement: “The variation of the remaining work program will allow the undertaking of additional geotechnical studies with the goal of identifying a potentially drillable prospect in the hydrocarbon rich Vulcan sub-basin within which MEO has a substantial acreage footprint.”

Tags: MEO Australia Limited