NOPTA Approves Variation to Permit WA-454-P Work Program Off WA

MEO Australia Limited reported Tuesday that the WA-454-P Joint Venture (MEO 50 percent) has been notified by the National Offshore Petroleum Titles Administrator of the approval of its application to vary the Permit work program for the Western Australian offshore block by extending by 6 months Permit Year 4 (currently ending June 8) to provide further time to undertake additional seismic reprocessing and deferring the current well commitment from Permit Year 5 to Permit Year 6. The details of the revised WA-454-P Work Program are listed below.

As a result, the proposed Breakwater-1 exploration well is expected to be drilled prior to the revised permit expiry date of Dec. 8, 2017.

Revised WA-454-P Work Program (100 Percent Joint Venture Share)

  • Year 4
    • Start Date - June 9, 2013; End Date - Dec. 8, 2015
    • Minimum Work Requirements
      • Geotechnical Studies; Estimated Expenditure - $192,650 (AUD 250,000)
      • 232 square miles (600 square kilometers) 3D PSDM Reprocessing; Estimated Expenditure - $462,480 (AUD 600,000)
  • Year 5
    • Start Date - June 9, 2015; End Date - Dec. 8, 2016
    • Minimum Work Requirements
      • Interpretation of 232 square miles (600 square kilometers) of 3D PSDM Reprocessed data & Geotechnical Studies; Estimated Expenditure - $192,650 (AUD 250,000)
  • Year 6
    • Start Date - Dec. 9, 2016; End Date - Dec. 8, 2017
    • Minimum Work Requirements
      • One Exploration Well; Estimated Expenditure - $15.42 million (AUD 20 million)

A second 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 of the Year 4 work program will allow the undertaking of additional seismic Pre-Stack Depth Migration (PSDM) reprocessing with the goal of further de-risking the Breakwater-1 well, which has been deferred until Year 6 ending in December 2017.”

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