The WA-360-P exploration permit is strategically located between the existing North West Shelf gas project to the east and the Pluto and Wheatstone projects immediately to the south-west. MEO’s East Artemis prospect has been identified as hosting mean prospective resources of 20.3 Tcf gas-in-place of which 12.0 Tcf is expected to be recoverable, assuming a 60% recovery factor. This prospectivity coupled with the strategic location, makes this permit potentially very valuable to MEO. The existing and planned LNG infrastructure in the Carnarvon basin requires additional gas reserves for the projects to reach their full economic potential. All operators in the basin have committed to substantial exploration programs to discover additional resources. This province has established infrastructure but is short of gas – a characteristic which enhances the potential value of MEO’s acreage.
MEO Price at posting:
63.0¢ Sentiment: Buy Disclosure: Held
