Melbourne, Australia, Nov 5, 2012 - (ABN Newswire) - MEO Australia Limited (ASX:MEO.AX - News) (OTCQX:MEOAY - News) advises that the Thailand Department of Mineral Fuels, Ministry of Energy has formally approved the transfer of a 50% participating interest in the Gulf of Thailand G2/48 Concession from Pearl Oil Offshore Limited, an affiliate of Mubadala Petroleum (Mubadala), to Rayong Offshore Exploration Ltd (ROEL), a wholly owned subsidiary of MEO. Receipt of this approval represents completion of the transaction announced on 27th February 2012. Operatorship of the concession remains with Mubadala.
The G2/48 exploration concession covers 9,449 km2 in shallow waters of the Gulf of Thailand, proximal to the producing Jasmine oil field and nearby the Manora oil development. The G2/48 concession contains the Rayong Basin which has similar geological elements to nearby basins which host oil discoveries.
The joint venture is well advanced in drilling preparations with Anchan-1 scheduled to commence on or about 11th November 2012 and Sainampueng-1 approximately 19th November 2012. These wells fulfil the Year 5 and 6 commitments respectively.
MEO's CEO and MD Jürgen Hendrich commented on the announcement:
"These regulatory approvals represent the final step in completing this transaction. We are pleased to be partnering with Mubadala Petroleum, a very experienced Gulf of Thailand operator.
MEO looks forward to testing the oil potential of the Rayong Basin. The Operator has mapped 23 prospects and leads with a mean unrisked potential estimated at over 100 MMstb."
About MEO Australia Limited:
MEO Australia Ltd (ASX:MEO.AX - News) (OTCQX:MEOAY - News) is an ASX listed, independent oil and gas company focused on building a substantial Australian and international E&P business servicing the rapidly growing Asian energy markets.
The Company has assembled a portfolio of exploration, appraisal and development stage opportunities on the NW Shelf, the Ashmore Cartier and the Timor Sea regions in Australia, offshore North Sumatra, and on Madura Island, East Java in Indonesia and the Gulf of Thailand.
MEO has also attracted a high calibre Board of Directors and proven Executive, Technical and Commercial talent with a demonstrated track record of attracting and partnering with globally recognised industry participants.
MEO Australia is listed on the Australian Stock Exchange (ASX: MEO, OTC: MEOAY) and is headquartered in Melbourne, Australia.
MEO Australia Limited T: +61-3-8625-6000 F: +61-3-9614-0660 E: email@example.com WWW: www.meoaustralia.com.au
MEO Australia Limited
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