MEO Australia Limited (ASX: MEO; OTC: MEOAY) is pleased to release the findings of an independent report by Senergy (GB) Limited (“Senergy”), commissioned by MEO to provide a preliminary volumetric assessment of the Marina-1 gas and liquids discovery and the Breakwater prospect in its 100% owned WA-454-P, in the Joseph Bonaparte Gulf, offshore Western Australia.
Marina-1 discovery assessed to contain contingent hydrocarbon resources in five zones:
- contingent gas resources: 51 Bcf (1C), 98 Bcf (2C) and 302 Bcf (3C)
- contingent oil and condensate resources: 6.5 Mmbbls (2C) and 29.5 Mmbbls (3C)
Breakwater prospective resources assessed under gas only & mixed gas/oil scenarios:
- gas/condensate: 751 Bcf, 13 Mmbbls (Best); 2,798 Bcf, 87 Mmbls (High), 24% COS
- mixed gas/oil: 636 Bcf & 52 Mmbls (Best); 2,391 Bcf & 276 Mmbls (high), 16% COS
MEO’s CEO and MD Jürgen Hendrich, commented on the announcement: “The addition of contingent resources to our portfolio represents a key milestone in the evolution and growth of MEO. The probable occurrence of oil in the permit is particularly encouraging, especially given the size and potential of the Breakwater prospect under a mixed oil/gas scenario. Since being awarded the permit in mid-2011, MEO has fast-tracked its technical evaluation including an independent resource assessment and accelerated 3D seismic program by two years. We are aiming to be in a position by year end to attract a funding partner to drill an appraisal well on Marina seeking to confirm oil and also test the potential of the Breakwater prospect.”