MEO Australia provide Gulf of Thailand G2/48 drilling update

Friday, Nov 23, 2012

MEO Australia Limited (ASX: MEO; OTCQX: MEOAY) advises that Pearl Oil Offshore Limited (an affiliate of Mubadala Petroleum) has completed drilling of Anchan-1 in the Gulf of Thailand G2/48 Concession and is preparing to commence drilling Sainampueng-1.

November and reached a Total Depth of 1678mMDRT* on 21 Anchan-1 spudded at 23:00hrs (local time) on 15th November without encountering any significant hydrocarbons. The well is now being plugged back to the 13”casing shoe.

Anchan-1 fulfilled the Permit Year 5 obligation and was drilled by Pearl Oil at its sole expense. Once Anchan-1 is plugged back, Sainampueng-1
will commence drilling from the existing 13“ surface casing to test a 10 – 25 MMstb (mean to P10 prospective resources) 3 way dip closure
against the basin margin fault. The well 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

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