MEO Australia Limited announces Gulf of Thailand – Sainampueng-1 progress report no.1

Friday, Nov 30, 2012

MEO Australia Limited (ASX: MEO; OTCQX: MEOAY) advises that Pearl Oil Offshore Limited (an affiliate of Mubadala Petroleum) commenced drilling Sainampueng-1 in the Gulf of Thailand G2/48 Concession at 8:30am (local time) on 23rd November. At 13:00hrs local time on 29th November, the well had reached 2,237mMDRT and was drilling ahead.

Sainampueng-1 commenced drilling from the existing 13 3/8" casing shoe used for Anchan-1. The 12¼" hole was drilled to 1,441mMDRT where 9 5/8" casing was run and cemented.

Sainampueng-1 is testing a 10 – 25 MMstb (mean to P10 prospective resources) 3-way dip closure against the basin margin fault and will fulfil the Permit Year 6 obligation.

In the event Sainampueng-1 is successful, the basin is currently assessed to contain 23 prospects and leads in multiple play types with a cumulative un-risked mean potential exceeding 100 MMstb.

Source: MEO Australia Limited

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