MEO Australia Limited (ASX:MEO) Gulf of Thailand - Sainampueng-1 Progress Report No. 1

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Melbourne, Australia, Nov 30, 2012 - (ABN Newswire) - MEO Australia Limited (ASX:MEO.AX - News) (OTCQX:MEOAY - News) advises that Pearl Oil Offshore Limited (an affiliate of Mubadala Petroleum) commenced drilling Sainampueng-1 in the Gulf of Thailand G2/48 Concession at 8:30am (local time) on 23rd November. At 13:00hrs local time on 29th November, the well had reached 2,237mMDRT and was drilling ahead.

Sainampueng-1 commenced drilling from the existing 13 3/8" casing shoe used for Anchan-1. The 12 1/4" hole was drilled to 1,441mMDRT where 9 5/8" casing was run and cemented.

Sainampueng-1 is testing a 10 - 25 MMstb (mean to P10 prospective resources) 3-way dip closure against the basin margin fault and 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:

"Sainampueng-1 is approaching the first zone of an extensive interval of interest."


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.


Contact:

 
MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au
 

Source:

MEO Australia Limited

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

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