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MEO Australia Limited (ASX:MEO) Heron South-1 Progress Report No.16

Melbourne, Australia, Nov 21, 2012 - (ABN Newswire) - MEO Australia Limited (ASX:MEO.AX - News) (OTCQX:MEOAF - News) provides the following update in relation to Heron South-1 being drilled in NT/P68, operated by Eni Australia Ltd (Eni).

Since the last report the 178m (7") liner has been cleaned out, a 114mm (4 1/2") slotted liner has been installed to 4,453.5mMDRT and the well has been displaced to brine.

The forward plan is to install the production test string and commence testing the lower of the two zones of interest.

Eni has advised that it intends to carry out two separate production tests to determine reservoir productivity and gas composition of the two zones of interest intersected by the well.

In accordance with pre-drilling plans, the well will be plugged and abandoned at the conclusion of production testing.

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

"Successful installation of the 4 1/2" slotted liner across the primary target allows this zone to be tested."

About MEO Australia Limited:

MEO Australia Ltd (ASX:MEO.AX - News) (OTCQX:MEOAF - 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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