MEO Gains 10% Working Interest in Zeus-1
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.
- Sampang JV Approves Project to Extend Field Life by 2 Years to 2020 (Sep 22)
- SKK Migas Extends Exploration Period for East Kalimantan's Mahakam PSC (May 04)
- NOPTA Approves Cue's WA-359-P Work Program Suspension, Extends Permit Term (Apr 14)
Company: Gascorp Australia Limited more info
- MEO Settles Gascorp Transaction (Nov 16)
- RDI's North West Shelf Farm-In Options Lapse (Dec 02)
- MEO Gains 10% Working Interest in Zeus-1 (Sep 22)
Company: MEO Australia Ltd more info
- MEO Australia Seeks Shareholder Approval to Rename Firm as Melbana Energy (Sep 28)
- MEO Australia: 4 Companies Interested in Beehive Farm-Out Deal (Sep 12)
- MEO Australia Provides Update on Projects in Australia, NZ & Cuba (Aug 15)