MEO Australia Limited
ABN 43 066 447 952
Level 23 | Tel: | +61 3 8625 6000 |
500 Collins Street | Fax: | +61 3 9614 0660 |
Melbourne Victoria 3000 | Email: | admin@meoaustralia.com.au |
Australia | Website: | www.meoaustralia.com.au |
ASX & Media Release
Vulcan Sub-Basin AC/P50 and AC/P51 Work Program Variation Key Points:• AC/P50 and AC/P51 work program variations approved by NOPTA
• Exploration wells removed from Year 6 Minimum Work Requirements
• Geotechnical studies to be completed prior to permit renewal in April 2015
MELBOURNE, AUSTRALIA (22nd April, 2014)
MEO Australia Limited (ASX: MEO) has been advised by the National Offshore Petroleum Titles Administrator (NOPTA) that the Territory of Ashmore and Cartier Islands Offshore Petroleum Joint Authority has approved applications for work program variations for Exploration Permits AC/P50 and AC/P51 in the Vulcan Sub-Basin.
MEO applied for the work program variation to allow additional geotechnical studies to be completed ahead of any requirement to drill a well in each of the permits. The planned studies will focus on reducing the geological risk inherent in the identified prospects, enhancing existing leads and developing new plays ahead of permit renewal in April 2015.
Work Programs
AC/P50 | Year | Start Date | End Date | Minimum Work Requirements | Estimated Expenditure |
Before Variation | 6 | 21 Apr 2014 | 20 Apr 2015 | 1 Exploration Well | A$30,000,000 |
After Variation | 6 | 21 Apr 2014 | 20 Apr 2015 | Geotechnical Studies | A$150,000 |
AC/P51 | Year | Start Date | End Date | Minimum Work Requirements | Estimated Expenditure |
Before Variation | 6 | 21 Apr 2014 | 20 Apr 2015 | 1 Exploration Well | A$30,000,000 |
After Variation | 6 | 21 Apr 2014 | 20 Apr 2015 | Geotechnical Studies | A$150,000 |
MEO's CEO and MD Jürgen Hendrich commented on the announcement:
"Approval of these variation requests is welcomed as it provides additional time to refine our technical assessment of the plays within the permit areas."
Jürgen Hendrich
Managing Director & Chief Executive Officer
AC/P50 & AC/P51 Participants
Entity | Equity |
Vulcan Exploration Pty Ltd (wholly owned subsidiary of MEO Australia Limited) | 100%* |
* Under the terms of MEO's acquisition of the Permits, Red Rock Energy Pte Ltd has an option to acquire a 5% interest in each permit. Refer to MEO's ASX & Medial release dated 15th November 2010 for more information.
AC/P50 & AC/P51 Location Map:
PENGANA JABIRU
CASH MAPLE
DELAM ERE
CHALLIS
SWAN
CASSINI
PUFFIN
ECLIPSE
EAST SWAN A C / P 5 3
A C / P 5 0SKUA
BIRCH
TALBOT
SWIFT NORTH SWALLOW
PADTHAWAY
BILYARA
A C / P 5 1Leads
MONTARA LEEUWIN
MARET
TAHBILK
Ramble On
Prospect
CRUX (GAS)
CRUX
0 25
LIBRA
kilometers
MEO Australia Limited 2 ASX & Media Releasedistributed by |