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MEO adds more interest in Australia's Block WA-361-P
(7/13/2010 - OGI: Perth) MEO Australia has executed a binding sales and purchase agreement with Gascorp Australia to acquire an additional 15% interest in exploration permit WA-361-P.
MEO said today that, as a result of this transaction, its interest will increase from 35% to 50%. Consideration for this interest is US$1 million cash payable to Gascorp upon receipt of regulatory approval of the transfer.
WA-361-P covers an area of 1,216.5 sq km immediately adjacent to MEO's WA-360-P permit and immediately to the north of the North West Shelf liquefied natural gas (LNG) project's producing Goodwyn and Perseus Fields. The permit is in the final year of its current exploration term, but MEO plans to apply to renew the permit for an additional term later this year. MEO said that it has identified a number of leads in the permit which require additional technical work and possibly seismic studies in the next permit term to improve confidence in the leads to advance them to drillable prospect status.
Subject to the results of future studies, the company said that this additional equity interest provides it with the flexibility to farmout a sizeable portion of its increased interest while retaining a material exposure to any future drilling.
Following the regulatory approval of the transfer of Gascorp's 15% stake in Block WA-361-P, MEO subsidiary North West Shelf Exploration will continue as the operator with 50% interest. Resource Development International holds 35% interest, and Cue the remaining 15%.
Click here for earlier report.
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