The most positive indications are the Company’s observations on the existing 3D seismic data of possible development of amplitude-related hydrocarbon indicators (bright spots) that are similar to amplitudes observed in the similar reservoir gas sands at Perseus.
MEO has carefully reviewed the existing 2D and 3D data, which covers most of the permit areas. The most significant potential lies in WA-361-P, immediately northeast of the Perseus Gas Field and on the northern flank of the Goodwyn Gasfield where a thick sequence of interpreted Legendre shoreface and shallow marine sandstones is present in the Keast Graben. A potential stratigraphic trap, Zeus, has been identified, which is a similar play and analogous to the Perseus Gas Field (12 Tcf) and the new Woodside Persephone-1 discovery on the eastern flank of the North Rankin Gasfield.
MEO has identified a number of commercialization paths, including utilization of nearby under-utilized production facilities and/or third party gas supply to new or proposed Northwest Shelf LNG developments requiring additional gas supplies.
MEO Price at posting:
27.0¢ Sentiment: None Disclosure: Held
