March 28, 2012
MEO Australia Limited (ASX: MEO; OTC: MEOAY) announced today that the Federal Government has updated the Timor Sea LNG Project environmental approval. Concurrent with this revision the Department confirmed that the approval will remain valid until at least 28th March 2017.
MEO’s CEO and MD Jürgen Hendrich commented on the announcement: “We are very pleased that the Government has revised the terms of the Tassie Shoal LNG project environmental approval and has given a clear, minimum five year extension. This initiative supports our efforts to commercialise this Project together with the Tassie Shoal Methanol Project and provides the clarity needed by prospective project partners to evaluate the projects.”
March 2, 2012
FoxDavies initiated research coverage on MEO Australia (OTC: MEAOY; ASX:MEO) earlier this week with a ‘Buy Rating’ and price target of A$0.60.
Synopsis from the report: “Discoveries not priced in: Trading at A$0.19, MEO’s share price reflects their $90mm cash position alone, and not the 5 assets at the appraisal stage or the 11 exploration assets. With a successful appraisal programme adding in excess of A$1.40 to the current fair value and cash accounting for A$0.18, the shares are undervalued. We are initiating with a target price of A$0.60 and a Buy Recommendation.”
We have included a link below to this very comprehensive report:
February 28, 2012
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.”
February 28, 2012
MEO Australia Limited (ASX: MEO; OTC: MEAOY) reported today that the S/R Veritas Viking II completed acquisition of the Floyd 3D seismic survey in WA-454-P in the Joseph Bonaparte Gulf region of the Timor Sea (Petrel sub-basin) at 16:31 (WST) on 27th February 2012. A total of 601 km2 of full fold data was recorded. The survey will now be processed and is expected to be available for interpretation in late 2Q-2012.
MEO’s CEO and MD Jürgen Hendrich, commented on the announcement: “The conclusion of this survey brings to a close the most significant investment in 3D seismic in MEO’s history. We have held this permit for barely 8 months and our initial assessment provided sufficient encouragement to accelerate an investment in the Floyd 3D seismic survey. This survey covers the Marina gas and liquids discovery, the nearby Breakwater prospect and two additional leads.”
February 28, 2012
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.”