MEO Australia Limited has advised that all contracts have been executed with Australian Drilling Associates and Songa Offshore Pte Ltd for the Songa Venus semi-submersible drilling rig, to drill the Zeus-1 well in WA-361-P, in late October 2008.
On July 4, 2008, MEO announced a farmout to Resource Development International Limited (RDI) whereby RDI can earn a 35% participating interest in WA-361-P by funding up to 3 wells, the first being Zeus-1. RDI will fund 80% of Zeus-1 well costs to a cap of US$31.25M and 53% of any well costs thereafter. RDI will fund 100% of MEO’s share of costs for the next two wells in a success case, otherwise 100% of MEO's share of costs for a second well.
The Company has completed reprocessing and analysis of the Rosie 3D survey originally acquired by Western Mining in 1997, which covered the majority of the Zeus feature. New 3D seismic was also acquired by MEO in November 2007 over the western extensions of Zeus.
Bright amplitude anomalies, or soft kicks have been demonstrated in the interpreted Legendre formation sandstones of the Zeus prospect that are also observed in the gas bearing Legendre sands of the nearby Perseus Gas Field.
MEO also recovered the offset gathers form the Rosie 3D to undertake AVO (amplitude variation with offset) analysis. Class 3 AVO responses were confirmed within the interpreted Legendre sandstones at Zeus that have a similar signature to the AVO responses modelled in the gas bearing sands at Perseus-1.
MEO's mapping indicates that the Zeus prospect has the potential to contain gas reserves in excess of 10
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