MEO Identifies Ramble On as New Exploration Prospect in AC/P51

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MEO Australia Limited provided the following update in relation to the AC/P50 and AC/P51 exploration permits in the Ashmore Cartier Area off northern Australia where it holds 100 percent participating interest (through its wholly owned subsidiary Vulcan Exploration Pty Ltd).

MEO has completed its initial assessment of prospects and leads in the permits and has identified the Ramble On prospect, incorporating proven reservoir, seal and source intervals as a new structural play for the basin.

Ramble On is the southern most prospect within a trend of prospects and leads that have been identified using the 2012 Zeppelin 3D seismic survey and the older Onnia 3D survey which has been reprocessed using the same processing stream used in the Zeppelin survey.

MEO estimates Ramble On could contain unrisked Prospective Resources of 56 million stock tank barrels (MMstb) oil (mean, recoverable).

Ramble On Prospective Resources

  • Oil Case (MMstb) : 8 (P90), 39 (P50), 56 (Mean), 130 (P10)

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

“The prospectivity identified by the MEO exploration team contains a new play type accessing Jurassic aged source rocks, close to an existing discovery (Montara). In the event of drilling success, significant follow-up potential has been identified within a string of leads against the basin margin fault.”

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