MEO Australia Renews Petroleum Exploration Permit WA-360-P

MEO Australia Limited advises that Commonwealth – Western Australia Offshore Petroleum Joint Authority (the “Designated Authority”) has granted a five year renewal of Petroleum Exploration Permit WA-360-P commencing 6th March 2012.

The renewal includes the mandatory relinquishment of seven of the original 15 graticular blocks which comprised the permit and retention of eight graticular blocks. The minimum work program commitment in the first permit year includes the purchase of the portion of the existing Foxhound multi-client 3D seismic survey acquired in the permit during 2009.

The previously announced withdrawal of Petrobras International Braspetro BV and Rankin Trend Pty Ltd (a wholly owned subsidiary of Moby Oil & Gas Limited ASX: MOG), takes effect coincident with this renewal, which marks the end of the first 6 year exploration term of the permit.

The titleholders of the permit post renewal are North West Shelf Exploration Pty Ltd (a wholly owned subsidiary of MEO) with 62.5% and Cue Exploration Pty Ltd (a wholly owned subsidiary of Cue Energy Resource Limited ASX: CUE) with 37.5%. MEO will continue to operate the permit.

MEO’s CEO and MD Jürgen Hendrich, commented on the announcement:

“The renewal of WA-360-P marks the start of the next phase in our Carnarvon Basin exploration program. The commitment to purchase the Foxhound multi-client 3D seismic in Permit Year 1 represents a fast and cost effective way of extending the 3D seismic coverage to virtually the entire permit. This data will be used to determine whether the identified Maxwell prospect can be matured to drillable status.”

Subsea World News Staff , March 08, 2012;  Image: MEO Australia

Share this article

Follow Subsea World News

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Oil & Gas Indonesia 2017

Oil & Gas Indonesia (OGI) is an exhibition focused on Oil and Gas Exploration, Production and Refining and showcases the largest exhibition…

read more >

IADC World Drilling 2017 Conference & Exhibition

This event showcases products like Cutting edge, drilling technology, well control, health, safety, environment, training and environment industry…

read more >

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! It is also;…

read more >

SPE Offshore Europe 2017

Attending SPE Offshore Europe, recognised by offshore E&P professionals as Europe’s leading E&P exhibition and conference, will ensure…

read more >