MEO to Pare Stake in Tassie Shoal Methanol & LNG Projects Offshore NT

MEO's other assets comprise 7 Australian permits (of which 5 are operated) and a producing oil discovery, onshore New Zealand. Hendrich added, "the MEO portfolio has been developed with the aim of delivering a material resource base to allow the company to build a sustainable oil & gas business. The missing ingredient to building a sustainable business is operating income. Funds generated from this value realization initiative will allow MEO to pursue several opportunities to acquire near term cash generating assets consistent with this strategy. In parallel, we will continue to invite offers for participation in any of our assets across the portfolio."

MEO expects to update the market in relation to its Tassie Shoal Projects value realization program later in the year.