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MEO still seeking partner for Beehive Prospect in WA-488-P

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Oilfield Technology,

MEO Australia Limited has provided the following update for the farmout process for WA-488-P (MEO 100%) containing the giant Beehive prospect.

Following conclusion of the recent successful seismic reprocessing and inversion project which has reinvigorated interest from major players, MEO commenced a farmout process to secure funding partners to progress the technical assessment of, and ultimately drill, the Beehive prospect.

To date, four substantial companies have engaged in the process and are actively reviewing the technical data for WA-488-P. MEO is seeking responses from these potential farminees by the end of October 2016, but timing remains subject to ongoing market conditions and the addition of any new parties to the process.

MEO Managing Director & CEO Peter Stickland commented:

“The Beehive prospect is one of the largest hydrocarbon structures in Australia and it is widely recognised that the recent seismic reprocessing and inversion have enhanced the characterisation of the prospect.

In the current environment it is encouraging that four companies have actively engaged in the farmout process so far.

MEO’s ambition is to bring parties into the WA-488-P joint venture to fund the advancement and ultimately drilling of Beehive. Doing so would not only secure an exciting drilling opportunity for MEO shareholders, but enable MEO to focus its resources on its Cuba opportunities where it is the only ASX listed company with exposure to the Cuban oil & gas industry.”

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Adapted from a press by Louise Mulhall

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