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.”