Australia Markets closed

MEO Australia Limited (ASX:MEO) Gulf of Thailand G2/48 Drilling Update

Melbourne, Australia, Nov 23, 2012 - (ABN Newswire) - MEO Australia Limited (ASX:MEO.AX - News) (OTCQX:MEOAY - News) advises that Pearl Oil Offshore Limited (an affiliate of Mubadala Petroleum) has completed drilling of Anchan-1 in the Gulf of Thailand G2/48 Concession and is preparing to commence drilling Sainampueng-1.

Anchan-1 spudded at 23:00hrs (local time) on 15th November and reached a Total Depth of 1678mMDRT* on 21st November without encountering any significant hydrocarbons. The well is now being plugged back to the 13 3/8" casing shoe.

Anchan-1 fulfilled the Permit Year 5 obligation and was drilled by Pearl Oil at its sole expense.

Once Anchan-1 is plugged back, Sainampueng-1 will commence drilling from the existing 13 3/8" surface casing to test a 10 - 25 MMstb (mean to P10 prospective resources) 3 way dip closure against the basin margin fault. The well will fulfil the Permit Year 6 obligation.

In the event Sainampueng-1 is successful, the basin is currently assessed to contain 23 prospects and leads in multiple play types with a cumulative un-risked mean potential exceeding 100 MMstb.

MEO's CEO and MD Jürgen Hendrich commented on the announcement:

"We are pleased Anchan-1 was drilled without incident and now keenly anticipate the commencement of Sainampueng-1 drilling."

* mMDRT = measured depth below rotary table

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: WWW:


MEO Australia Limited

Copyright (C) 2012 ABN Newswire. All rights reserved.