MEO Australia Provides Update on Projects in Australia, NZ & Cuba

MEO Australia Ltd. provided an update Monday on the progress and near term plans of the company’s key projects in Australia, New Zealand and Cuba.

The firm has commenced the farm-out process for the Beehive prospect, located in permit WA-488-P offshore Australia, and preliminary discussions are underway with a number of parties. MEO hopes to complete the Behhive farmout process in the fourth quarter of 2016. In the meantime, the firm said reprocessing and inversion studies undertaken by the company support its view that Beehive is one of the largest undrilled hydrocarbon prospects in Australia.

Over in New Zealand, the joint venture of PEP51153 is progressing an assessment of the prospectivity of the exploration permit. The partners will consider in the fourth quarter whether to proceed with drilling a high impact exploration well.

In Cuba's Block 9 Production Sharing Contract (PSC), MEO said its assessment of the resource potential of the remaining two plays, the Upper Sheet and Shallow Tertiary plays, is progressing as planned. The preliminary stage of the assessment should complete in the fourth quarter of 2016. Work has also commenced to accelerate the potential for early drilling in Block 9 based on the significant resource potential identified in the Lower Sheet play. The firm aims to finalize a drilling plan by the first quarter of 2017 for up to 2 wells in Block 9. To support these activities, MEO has opened a representative office in Havana and appointed former Cupet Exploration Director Dr Rafael Tenreyro as its representative in Cuba.

"While MEO has a number of exciting opportunities in its portfolio, Cuba Block 9 is particularly significant for the Company and we are busy working on a number of fronts to accelerate the potential for drilling on Block 9," MEO Managing Director & CEO Peter Stickland said in the press release.

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