MEO Australia Announces Half-Year Financial Report and Directors' Report 31 December 2011

Thursday, Feb 16, 2012

During the half year, MEO prepared and submitted an acreage renewal application to the Designated Authority.

The renewal application contains a mandatory relinquishment of half of the permit area. Of the 15 graticular blocks comprising the permit, the application is for 8 of these to be renewed. Petrobras (50%) and Moby Oil and Gas (10%) both elected not to participate in the renewal process, leaving MEO (62.5% post renewal) and Cue (37.5% post renewal) to pick up their participating interests on a pro-rata basis. The renewal program includes the purchase of 3D seismic together with 3D seismic reprocessing during the primary term of the renewal period.

At the end of the reporting period, the permit renewal application was with the regulatory authorities for consideration. The dealings and title transfer documentation pertaining to the withdrawal of Petrobras and Moby together with the re-distribution of their participating interests to the remaining JV parties were also with the regulator awaiting approval.

• WA-361-P (MEO 50%, Mineralogy 35%, Cue Energy 15%)

The 1,318 km2 Zeus multi-client 3D seismic survey was acquired during the half year. MEO has committed to purchasing 323 km2 of this data set. At the date of this report the survey was in the processing centre. MEO expects to receive the final data cube during the June quarter.

Source: MEO Australia

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