drilling, page-9

thanks ahpigsy

for the benefit of the impatient, here is the text:


MEO pressing on in the Timor Sea

WHILE MEO Australia is understandably disappointed by the results of the Artemis-1 well, the company is moving ahead with its other prospects in the Timor Sea.

Spokesperson Robert Gard told PNN the company always knew Artemis-1 was a wildcat with a 32% chance of success and that one of the other areas it would focus on was the farm-out of the Heron gas discovery in NT/P68.

Heron-2, which was drilled in 2007-08, had flowed gas to surface before the hole bridged off immediately below the uppermost sand being tested, preventing any contribution from deeper in the hole where more liquids-rich gas had been observed.

MEO has said previously that it believes the find points to a potential resource of 5 trillion cubic feet in the Greater Heron structure.

The company is looking to farm-out 50% of Heron and has already had a number of parties register their interest in the prospect.

Gard also said MEO had cash reserves of more than $100 million that it would use to advance its other assets. These are believed to include the Tassie Shoal gas processing project as well as the recently acquired AC/P50 and AC/P51 permits in the Ashmore Cartier region of the Timor Sea.

He added that while Artemis had come up dry, it was expected to serve as a very good data point for the other plays in WA-360-P.

It would be silly to suggest there are no other prospects in WA-360-P.


Tuesday, 14 December 2010
PetroleumNews.net
http://www.petroleumnews.net/StoryView.asp?StoryID=1587760