MEO Australia Limited has been advised today that the Delegate of the Designated Authority for the Territory of Ashmore and Cartier Islands offshore area has approved the acquisition by MEO of a 100% interest in AC/P50 & AC/P51 from Silver Wave Energy Pte Ltd (“Silver Wave”) and has duly registered the associated dealings.
These approvals satisfy the conditions precedent pertaining to the transaction and settlement proceeds of US$270,000 will now be paid to Silver Wave. As part of this transaction, Silver Wave has an option to acquire a 10% working interest in each permit prior to the expiry of Permit Year 3 by repaying 20% of MEO’s costs, including acquisition costs.
These permits cover a combined area of 1,943.6 km2 and were awarded in April 2009. They are currently in Permit Year 2 of their work program. Seismic acquisition is programmed for Permit Year 3 commencing 21st April 2011.
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