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MEO Australia Limited (ASX:MEO) Seruway PSC - Gurame SE-1XST Progress Report No. 15

Melbourne, Australia, Dec 24, 2012 - (ABN Newswire) - MEO Australia Limited (ASX:MEO.AX - News) (OTCQX:MEOAY - News) provides the following update in relation to the Gurame SE-1XST well in the Seruway PSC, offshore North Sumatra, in which MEO holds a 100% interest.

Since the last report, in accordance with pre-drilling plans, the well was plugged and abandoned at the conclusion of production testing. The rig was released from the drilling location at 04:00 hrs on 22nd December.

MEO's CEO and MD Jürgen Hendrich commented on the announcement:
"Gurame SE-1XST has provided the first modern logs over the field and intersected gas in two objectives. Unfortunately, the upper of these objective reservoirs did not flow during production testing and we will need to ascertain the impact this has on the whole resource.

Technical work on the Ibu Horst 3D seismic continues to refine the prospectivity around the existing gas and liquids discoveries ahead of launching a farmout process in February 2013."

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

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