MEO Australia Limited has been given permission by the National Offshore Petroleum Titles Administrator to vary its work program on WA-454-P permit located offshore Australia.
The company applied to vary the Permit work program by extending by 6 months Permit Year 4 (currently ending June 8, 2015) to provide further time to undertake additional seismic reprocessing and deferring the current well commitment from Permit Year 5 to Permit Year 6.
MEO has 50% interest in the WA-454-P Joint Venture.
As a result, the proposed Breakwater-1 exploration well is expected to be drilled prior to the revised permit expiry date of December 8, 2017.
MEO’s MD & CEO, Peter Stickland, commented on the announcement:
“The variation of the Year 4 work program will allow the undertaking of additional seismic Pre-Stack Depth Migration (PSDM) reprocessing with the goal of further de-risking the Breakwater-1 well, which has been deferred until Year 6 ending in December 2017.”