Melbourne, Australia, Nov 16, 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 commenced drilling in the Gulf of Thailand G2/48 Concession with the spudding of Anchan-1 at 23:00 hrs (local time) on 15th November. This well is expected to take approximately 7-10 days to drill and will fulfil the Permit Year 5 obligation. As the Year 5 obligation is prior to MEO's entry to the Concession, Pearl Oil is drilling Anchan-1 at its sole expense.
Anchan-1 is designed to test an oil prospect situated close to the NW-SE trending bounding fault to the Rayong Basin. The primary objective of this well is to evaluate a 4-way dip closure overlying a relay-ramp basement block.
Immediately after Anchan-1 has been completed, Sainampueng-1 will be drilled from the same surface location and will fulfil the Permit Year 6 obligation.
MEO's CEO and MD Jürgen Hendrich commented on the announcement:
"We are very pleased to be partnering with Pearl Oil and look forward to a safe and successful drilling program."
Managing Director & Chief Executive Office
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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