MEO Australia has acquired all shares from Transworld Seruway Exploration Limited including the offshore Seruway PSC. Initial consideration for this acquisition is US $5 million cash.
In the event of an oil or gas development from the PSC, the acquisition arrangements provide for past cost recovery and net profit interest payments to TEL to be paid out of production revenue. The Seruway PSC covers an area of 898,228 acres (3,635 square kilometers) and contains two gas discoveries – Gurame and Kuala Langsa – including several exploration opportunities.
The PSC lies close to the Arun LNG plant which has near term unfilled capacity. Under the acquisition arrangements, MEO will acquire a 172,974 acre (700 square kilometer) 3D seismic survey and drill one exploration well in the area before the end of 2012.
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