MEO meo australia limited

Key terms of the farm-in agreement include:- Petrobras to earn...

  1. 1,071 Posts.
    Key terms of the farm-in agreement include:
    - Petrobras to earn 50% equity in WA-360-P by funding 100% of the first well to a cap of US$41m (MEO retains 20% interest)
    - Upon receipt of all regulatory and Australian Government approvals, including Foreign Investment Review Board approval, Petrobras will pay MEO a cash bonus of US$31.5 million and reimburse MEOs share of the past costs of approximately US$7.5 million
    - In the event of a successful discovery, Petrobras will carry MEOs share of the cost to drill and test two follow up wells in the Permit to a cap of US$62 million per well, together with payment of an additional US$31.5m cash bonus in January 2011
    - MEO to remain Operator until the completion of the first well after which Petrobras has the option to assume Operatorship
 
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