artemis rig

From PNN, excellent publication, people should subscribe.

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MEO Australia is firming up its plans to drill the Artemis-1 well in WA-A-360-P, offshore Carnarvon Basin, later this year after applying for environmental approval to drill the well.

The Songa-Venus semi-submersible rig

In its submission to the Department of Environment, Water, Heritage and the Arts, MEO said it was planning to use either the Songa Venus or Nan Hai IV semi-submersible rig to drill the well.

The company expected to confirm which rig it would use by the end of the month with drilling scheduled to start in either the third of fourth quarter.

Artemis-1 will be drilled on the Artemis prospect and is targeting up to 12 trillion cubic feet of gas. The well is expected to take 30 days to complete.

MEO holds a 70% interest in WA-360-P and is in the process of completing a farm-out of the permit to an unnamed international company to secure funds needed to drill Artemis-1.

Last month, the company said it was working hard to complete the farm-out after only one of its JV partners had signed two side agreements, a prerequisite for the farm-out.

Cue Energy emerged as the party holding back the farm-out and has said it will not execute the documents as currently presented.

The side agreements relate to the possible establishment of a stand-alone LNG project in the event of a discovery with Artemis-1 and some minor amendments to the JV operating agreement.

Moby Oil and Gas, which is also a partner in the permit, has said it has no issues with MEO?s farm-out attempt and has supported it.

MEO is continuing discussions to resolve the differences and has said it is committed to drilling Artemis this year irrespective of the outcome of the farm-out.