MEO Gains 10% Working Interest in Zeus-1

Zeus-1 Well
(Click to Enlarge)

MEO Australia Limited announced that Cue and Gascorp have advised MEO that they have elected not to exercise their respective options to each fund 5% of the Zeus-1 well to retain a 20% working interest. Under the terms of the farm-in agreement with MEO, this combined 10% interest will now be transferred to MEO, together with the associated 10% funding obligation, increasing MEO's interest to 35%.

The Zeus-1 well is targeting a multi-Tcf gas play in the Carnarvon Basin, off Australia's North West Shelf. MEO is paying 20% of the costs of Zeus-1 to a cap of US $31.25 million and retains a 35% interest in the well and WA-361-P. In the event of a major discovery at Zeus-1, MEO sees a plethora of commercialization options including the possible application of Floating LNG (FLNG) technology. The Songa Venus semisubmersible rig is expected on location late October 2008.

Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Production Engineer
Expertise: Production Engineering
Location: Houston, TX
Senior Client / Program Manager
Expertise: Geologist|Reservoir Engineering
Location: Seattle, WA
Senior Sales Representative - Oil and Gas
Expertise: Corrosion Engineering|Petroleum Engineering|Sales
Location: Harvey, LA
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours