MEO expects the Songa Venus semisubmersible drilling rig to be handed over to MEO this evening for towing to the Zeus-1 well location. Following a 7 day tow, Zeus-1 is expected to spud on or about January 17.
The Zeus play is estimated to have the potential to contain in the order of 15 Tcf gas-in-place in the primary objective and a further 3.7 Tcf gas-in-place in the shallower secondary objective. Any material gas volumes discovered in this premium location will have a plethora of potential development options, including domestic and export (LNG) gas markets.
Clive Palmer's Resource Development International Limited (RDI) is paying 80% of the costs of Zeus-1 to earn a 35% interest. Success at Zeus-1 will establish MEO and RDI together with their JV partners as key players in the Australian upstream gas (& potential gas export) industry.
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