MEO Renews AC/P50, AC/P51 Permits Offshore North West Australia

MEO Australia Limited reported Friday that it has accepted an offer from the National Offshore Petroleum Titles Administrator (NOTPA) to renew the AC/P50 and AC/P51 exploration permits in the Vulcan Sub-basin off the north west coast of Australia for a further five years.

The firm minimum work program requirement is for the first three years of the renewal and for each block consists of geological and geophysical studies and seismic data reprocessing. The discretionary secondary term work program, Years 4 and 5, contain one well in each permit.

AC/P50 and AC/P51 are located in the proven Vulcan Sub-basin, immediately to the east of the producing Montara oil field.

MEO has identified a trend of prospects and leads with some similar characteristics to Montara. The most mature of the features is the Ramble On prospect in AC/P51. The focus of the next phase of work will be to seek to further de-risk these prospects and leads as well as maturing other play types.

AC/P50 Renewal Work Program (commencing 2015)

  • Year 1
    • Minimum Work Requirements: Geological and Geophysical Studies, including Play Evaluation; Estimated Expenditure (indicative only): $200,375 (AUD 250,000)
  • Year 2
    • Minimum Work Requirements: 219 square miles (567 square kilometers) 3D Reprocessing and Merge – Zeppelin and Onnia 3D Phase -1 Seismic Data; Estimated Expenditure (indicative only): $200,375 (AUD 250,000)
  • Year 3
    • Minimum Work Requirements: Geological and Geophysical Studies, including interpretation and Mapping of Reprocessed Seismic Data; Estimated Expenditure (indicative only): $200,375 (AUD 250,000)
  • Year 4
    • Minimum Work Requirements: One exploration well; Estimated Expenditure (indicative only): $16.03 million (AUD 20 million)
  • Year 5
    • Minimum Work Requirements: Geological and Geophysical Studies, including analysis of well results; Estimated Expenditure (indicative only): $200,375 (AUD 250,000)

AC/P51 Renewal Work Program (commencing 2015)

  • Year 1
    • Minimum Work Requirements: Geological and Geophysical Studies, including Play Evaluation; Estimated Expenditure (indicative only): $200,375 (AUD 250,000)
  • Year 2
    • Minimum Work Requirements: 239 square miles (619 square kilometers) 3D Reprocessing and Merge – Zeppelin and Onnia 3D Phase -1 Seismic Data; Estimated Expenditure (indicative only): $200,375 (AUD 250,000)
  • Year 3
    • Minimum Work Requirements: Geological and Geophysical Studies, including interpretation and Mapping of Reprocessed Seismic Data; Estimated Expenditure (indicative only): $200,375 (AUD 250,000)
  • Year 4
    • Minimum Work Requirements: One exploration well; Estimated Expenditure (indicative only): $16.03 million (AUD 20 million)
  • Year 5
    • Minimum Work Requirements: Geological and Geophysical Studies, including analysis of well results; Estimated Expenditure (indicative only): $200,375 (AUD 250,000)

A fourth 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:

“MEO is pleased to accept the offer to renew AC/P50 and AC/P51, which are located in the commercially proven Vulcan Sub-basin. The firm minimum work requirements for the first three years are moderate and drilling is not until the required until the discretionary secondary term (Year 4 and 5). MEO’s strategy is to advance its understanding of the prospectivity of these permits and seek funding partners prior undertaking exploratory drilling.”

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