MEO Australia (ASX: MEO; OTC Other: MEOAF) announced on Monday of this week that its wholly owned subsidiary Rayong Offshore Exploration Limited has executed a binding farm-in agreement with Pearl Oil Offshore Limited to acquire a 50% Participating Interest in the Block G2/48 Concession in the Gulf of Thailand. G2/48 is located in shallow water, proximal to the Jasmine producing oil field and the Manora oil discovery currently under development.
MEO’s CEO and MD Jürgen Hendrich, commented on the announcement: “This farm-in is consistent with MEO’s strategy of expanding our portfolio into South East Asia through a low cost entry approach targeting proven hydrocarbon systems with attractive targets. We have evaluated a number of opportunities in the Gulf of Thailand during the past 12 months and this opportunity represents a compelling entry into an emerging oil play fairway.”
