MEO Australia Limited (MEO) has accepted offers from the National Offshore Petroleum Titles Administrator (NOTPA) to renew the AC/P50 and AC/P51 exploration permits, offshore W. Australia, for a further five years.
The company says that the firm minimum work program requirement is for the first three years of the renewal and for each block consists of geological and geophysical studies and seismic data reprocessing.
According to MEO, the discretionary secondary term work program, Years 4 and 5, contain one well in each permit. AC/P50 and AC/P51 are located in the proven Vulcan Sub-basin, immediately to the east of the producing Montara oil field.
MEO said that it has identified a trend of prospects and leads with some similar characteristics to Montara, with the most mature of the features being prospect Ramble On, in AC/P51. The company says that the focus of the next phase of work will be to seek to further de-risk these prospects and leads as well as maturing other play types.
MEO’s MD & CEO Peter Stickland commented on the announcement: “MEO is pleased to accept the offer to renew AC/P50 and AC/P51, which are located in the commercially proven Vulcan Sub-basin. The firm minimum work requirements for the first three years are moderate and drilling is not until the required until the discretionary secondary term (Year 4 and 5). MEO’s strategy is to advance its understanding of the prospectivity of these permits and seek funding partners prior undertaking exploratory drilling.”