MEO Australia Limited announces Gulf of Thailand G2/48 drilling commences with Anchan-1

Friday, Nov 16, 2012

MEO Australia Limited (ASX: MEO; OTCQX: MEOAY) advises that Pearl Oil Offshore Limited (an affiliate of Mubadala Petroleum) has commenced drilling in the Gulf of Thailand G2/48 Concession with the spudding of Anchan-1 at 23:00 hrs (local time) on 15th November. This well is expected totake approximately 7-10 days to drill and will fulfil the Permit Year 5 obligation. As the Year 5obligation is prior to MEO’s entry to the Concession, Pearl Oil is drilling Anchan-1 at its sole expense.

Anchan-1 is designed to test an oil prospect situated close to the NW-SE trending bounding fault to the Rayong Basin. The primary objective of this well is to evaluate a 4-way dip closure overlying a relay-ramp basement block.

Immediately after Anchan-1 has been completed, Sainampueng-1 will be drilled from the same surface location and will fulfil the Permit Year 6 obligation.

Source: MEO Australia

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