MEO defers exploration well off Australia

MEO Australia Limited has been notified by the National Offshore Petroleum Titles Administrator (NOPTA) of the approval of its application to vary the work program for AC/P53 permit, offshore Australia. 

Namely, MEO will vary the permit work program by advancing geotechnical studies from Permit Year 6 to Permit Year 5 and deferring an exploration well commitment from Permit Year 5 to Permit Year 6.

According to the revised work program, minimum work requirements for Permit Year 5 that starts on July 7, 2015 and ends July 6, 2016, include geotechnical studies with estimated expenditure of A$250,000.

Furthermore, the revised work program for Permit Year 6, which starts on July 7, 2016 and ends on July 6, 2017, includes one exploration well with an estimated expenditure of A$25,000,000.

MEO’s MD & CEO Peter Stickland commented on the announcement: “The variation of the remaining work program will allow the undertaking of additional geotechnical studies with the goal of identifying a potentially drillable prospect in the hydrocarbon rich Vulcan sub-basin within which MEO has a substantial acreage footprint.”

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