MEO Australia, Fugro Execute Zeus Survey Contract

- MEO Australia, Fugro Execute Zeus Survey Contract

Tuesday, August 30, 2011
MEO Australia Ltd.

MEO Australia Limited advises that a contract has been executed with Fugro Multi Client Services Pty Ltd for the acquisition and processing of a 323 km2 3D multi-client seismic survey (‘Zeus 3D survey’) in WA-361-P, in the Carnarvon Basin, offshore Western Australia. WA-361-P is located in close proximity to the existing North West Shelf Gas Project (16.3 Mtpa), the Pluto LNG project (4.3 Mtpa) under construction and the proposed Wheatstone LNG project (8.6 Mtpa).

The 3D survey is designed to enable improved mapping of Heracles and other leads which are potential candidates for drilling in 2014. The survey covers an area of poor seismic data quality and also fills some large gaps in the 3D seismic coverage for this area. In addition, the 3D survey is being acquired in an East - West direction which enables enhanced imaging via multi-azimuth reprocessing.

The 3D survey over WA-361-P is part of a 1,318 km2 multi-client survey to be acquired utilising the ‘M/V Seisquest’ commencing on or about 1st September. The survey will take approximately 7 weeks depending on weather and possible extensions to the planned program. The final processed volume is expected to be delivered during Q2-2012.

The 3D survey brings forward and fulfils the minimum Permit Year 2 (Jan 2012 – Jan 2013) work program commitment of 150 km2 new 3D seismic.

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MEO Acquires Interest in Indonesia

- MEO Acquires Interest in Indonesia

Tuesday, June 28, 2011
MEO Australia Ltd.

MEO Australia announced the expansion of its business portfolio by acquiring all of the shares in Transworld Seruway Exploration Limited (TSEL) which is the holder of a 100% participating interest in the offshore Seruway PSC, from Transworld Exploration Limited (TEL). Initial consideration for this acquisition is US $5.0 million cash. In the event of successful oil or gas development from the PSC, the acquisition arrangements provide for past cost recovery and net profit interest payments to TEL to be paid out of production revenue.

The Seruway PSC currently covers an area of 3,635 km2 and contains two gas discoveries (Gurame and Kuala Langsa) together with a number of exploration opportunities. The PSC is located close to the Arun LNG plant which has near term unfilled capacity. Under the acquisition arrangements, MEO has committed to acquire a 700km2 3D seismic survey and drill one exploration well in the PSC before the end of 2012. The PSC expires on December 11, 2014 and will be operated out of the Indonesian office that MEO acquired as part of the transaction.

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