MEO Australia Limited reported Wednesday that the company and Malaysia-based Brooke Dockyard & Engineering Work Corporation (Brooke) today signed an agreement to form a consortium to cooperate to identify and jointly bid on oil and gas exploration and development opportunities within Sarawak and the whole of Malaysia.
Under the agreement, MEO will provide technical assistance and opportunity evaluation assistance to Brooke and in return Brooke will fund the evaluation activities and the exploration component of joint bids for successfully screened opportunities that meet the collective criteria of the partners. For the initial opportunity to be considered under the agreement, Brooke will have a 75 percent participating interest and MEO a 25 percent participating interest.
Brooke will bring strong local Malaysian content to MEO having access to local fabrication and construction capability, for both onshore and offshore facilities.
The parties have also agreed to work together in a suitable framework to develop and operate oil and gas prospects to the mutual benefit of their stakeholders, shareholders, local community and people of Sarawak.
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