MEO Australia Limited
ABN 43 066 447 952
Tel: (+61 3) 8625 6000
Level 17 Fax: (+61 3) 9614 0660
500 Collins Street Email: [email protected]
Melbourne Victoria 3000 Australia Website: www.meoaustralia.com.au
ASX & Media Release
NT/P68 (Heron) Farmout Update
Key Points: MEO selects preferred farminee and accepts conditional offer Parties have commenced the process of finalising binding agreements
MELBOURNE, AUSTRALIA (15th March, 2011)
MEO Australia Limited (ASX: MEO; OTC: MEOAY) is pleased to announce that it has accepted a conditional offer from its preferred farminee for farmin to NT/P68. Negotiations are currently underway to convert the offer into binding agreements which will be subject only to Australian regulatory approvals.
MEO currently holds 100% of the 5,900 km2 NT/P68 exploration permit containing the Heron and Blackwood gas discoveries. The Company has offered up to 50% equity in the permit including the Heron gas discovery which is estimated by MEO to contain mean prospective resources of 5.0 Tcf recoverable gas. MEO will retain the Blackwood gas discovery at 100% interest.
This transaction remains at an incomplete stage. The conditional offer requires the identity of the preferred farminee together with the terms of the farm-in agreement to remain confidential until binding agreements have been executed.
While MEO is confident that the transaction will be finalised, the company cannot guarantee this outcome or the timing of completion of the transaction.
J?rgen Hendrich
Managing Director & Chief Executive Officer
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