MEO Australia Limited on behalf of its wholly owned subsidiary Drysdale Offshore Exploration Pty Ltd. (Drysdale) reported Thursday that the WA-454-P Joint Venture has determined it will make two applications to the Titles Administrator to vary the Permit work program in the Joseph Bonaparte Gulf off Western Australia. The first application will seek to extend by 6 months Permit Year 4 (currently ending June 8) to provide further time to undertake seismic reprocessing. The second application will seek to move the current well commitment from Permit Year 5 (currently commencing June 9) to Permit Year 6 (currently commencing June 9, 2016).
If both applications are successful, the proposed Breakwater-1 exploration well will need to be drilled prior to the revised permit expiry date of Dec. 8, 2017.
Furthermore, the Joint Venture has agreed that the notice period for a drill or drop decision has been extended to allow time for receipt of the Titles Administrator’s decision on both of the applications.
MEO gives no guarantee, express or implied, as to the outcome of the applications; such decisions are in the complete discretion of the Titles Administrator. MEO would not typically announce the decision to make such an application (prior to the application being made), but has done so for prudence in the context of the current takeover bid for MEO ordinary shares by Mosman Oil and Gas Limited. A supplementary target’s statement will be lodged by MEO in respect of the above update shortly.
MEO’s MD & CEO Peter Stickland, commented on the announcement:
“The variation to the work program is being sought to allow important additional technical work to be done to optimize the location of the Breakwater-1 well.”
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