MEO Receives Nod for Vulcan Sub-Basin AC/P50, AC/P51 Work Program Variation

MEO Australia Limited revealed Tuesday that it 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 off Northern Australia.

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 6)

Before Variation

  • Start Date: April 21, 2014
  • End Date: April 20, 2015
  • Minimum Work Requirements: 1 Exploration Well
  • Estimated Expenditure: $28 million (AUD 30 million)

After Variation

  • Start Date: April 21, 2014
  • End Date: April 20, 2015
  • Minimum Work Requirements: Geotechnical Studies
  • Estimated Expenditure: $140,000 (AUD 150,000)

AC/P51 (Year 6)

Before Variation

  • Start Date: April 21, 2014
  • End Date: April 20, 2015
  • Minimum Work Requirements: 1 Exploration Well
  • Estimated Expenditure: $28 million (AUD 30 million)

After Variation

  • Start Date: April 21, 2014
  • End Date: April 20, 2015
  • Minimum Work Requirements: Geotechnical Studies
  • Estimated Expenditure: $140,000 (AUD 150,000)

MEO’s CEO and MD Jurgen 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.”

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