NOPTA Approves MEO's Request to Vary AC/P53 Work Program in Timor Sea

MEO Australia Limited disclosed Tuesday that it has been notified by the National Offshore Petroleum Titles Administrator of the approval of its application to vary the Permit work program for AC/P53 in the Ashmore Cartier region (Vulcan sub-basin) of the Timor Sea, offshore Australia by advancing geotechnical studies from Permit Year 6 to Permit Year 5 and deferring an exploration well commitment from Permit Year 5 to Permit Year 6. The details of the revised AC/P53 Work Program are listed below.

Revised AC/P53 Work Program (100 Percent MEO)

  • Year 5
    • Start Date: July 7; End Date: July 6, 2016
    • Minimum Work Requirements: Geotechnical Studies
    • Estimated Expenditure (indicative only): $185,550 (AUD 250,000)
  • Year 6
    • Start Date: July 7, 2016; End Date: July 6, 2017
    • Minimum Work Requirements: One Exploration Well
    • Estimated Expenditure (indicative only): $18.56 million (AUD 25 million)

MEO’s MD & CEO Peter Stickland commented on the announcement:

“The variation of the remaining work program will allow the undertaking of additional geotechnical studies with the goal of identifying a potentially drillable prospect in the hydrocarbon rich Vulcan sub-basin within which MEO has a substantial acreage footprint.”

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