Melbourne, Australia, Dec 21, 2012 - (ABN Newswire) - MEO Australia Limited (ASX:MEO.AX - News) (OTCQX:MEOAY - News) advises that it has executed binding agreements subject only to normal regulatory approvals, with Finder Exploration Pty Ltd (Finder) to farmin to the NT/P79 exploration permit in the Joseph Bonaparte Gulf.
NT/P79 covers an area of 6,415 km2 and is located between MEO's existing NT/P68 (50%) and WA-454-P (100%) permits. The permit is currently in Permit Year 4 and contains several geological features which MEO will assess following receipt of recently acquired Geoscience Australia 2D seismic data.
No additional seismic acquisition is planned. MEO considers there is sufficient new seismic data to assess whether one of the identified geological features can be matured to drillable prospect status.
Under the farmin agreement MEO will acquire a 65% participating interest and operatorship of the permit in return for reimbursing Finder $200,000, representing MEO's participating interest share of sunk costs in the permit.
MEO will Operate the permit and carry 100% of the study costs through to completion of a joint farmout subject to confirmation of a drillable prospect. The parties have a drill/drop election decision before entering the final permit year in June 2014.
MEO's CEO and MD Jürgen Hendrich commented on the announcement:
"MEO is very pleased to be partnering with Finder. This acquisition on close to ground floor terms represents an opportunity for MEO to broaden its footprint in an area in which we have substantial experience and technical knowledge."
To View the Exploration Permit Work Program, please visit:
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: firstname.lastname@example.org WWW: www.meoaustralia.com.au
MEO Australia Limited
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