Songa Venus Settles in Offshore Australia, MEO Spuds Zeus-1

MEO advised that the Songa Venus semisubmersible drilling rig arrived at the Zeus-1 location on Friday and commenced drilling on Saturday, Jan. 17. Zeus-1 is situated on the WA 361P permit in the Carnarvon basin off Western Australia.

Zeus-1 is a complex structural/stratigraphic play estimated to contain 15 Tcf potential gas-in-place in the Legendre Sandstones (primary target), and 3.7 Tcf potential gas-in-place in the overlying Forrestier Sandstones (secondary target).

Resource Development International Limited (RDI) is paying 80% of the well costs to a cap of US $31.25 million to earn a 35% interest in WA-361-P. In the event Zeus-1 discovers hydrocarbons, RDI will pay for MEO's share of two additional wells in the permit.

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