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 MEO receives regulatory approval for acquisition of 100% interest in permits AC/P50 & AC/P51 Key Points: Regulatory approval received for acquisition of 100% interest in AC/P50 & AC/P51 Conditions precedent satisfied to allow payment of US$270,000 cash consideration MELBOURNE, AUSTRALIA (22nd December, 2010) MEO Australia Limited (ASX: MEO; OTC: MEOAY) has been advised today that the Delegate of the Designated Authority for the Territory of Ashmore and Cartier Islands offshore area has approved the acquisition by MEO of a 100% interest in AC/P50 & AC/P51 from Silver Wave Energy Pte Ltd (Silver Wave) and has duly registered the associated dealings. These approvals satisfy the conditions precedent pertaining to the transaction and settlement proceeds of US$270,000 will now be paid to Silver Wave. As part of this transaction, Silver Wave has an option to acquire a 10% working interest in each permit prior to the expiry of Permit Year 3 by repaying 20% of MEOs costs, including acquisition costs. These permits cover a combined area of 1,943.6 km2 and were awarded in April 2009. They are currently in Permit Year 2 of their work program. Seismic acquisition is programmed for Permit Year 3 commencing 21st April 2011. Exploration Permit AC/P50 and AC/P51 Work Program Permit Year AC/P50 Program AC/P51 Program Primary Term 1 1,000km 2D seismic reprocessing 250km2 3D seismic reprocessing 1,000km 2D seismic reprocessing 250km2 3D seismic reprocessing 2 Geotechnical studies Geotechnical studies 3 200 km2 3D seismic 1,000 km 2D seismic Secondary Term 4 Geotechnical studies Geotechnical studies 5 1 exploration well 1,000 km 2D seismic 6 Geotechnical studies 1 exploration well Jrgen Hendrich Managing Director & Chief Executive Officer
MEO Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held
