Good point astm.I may be wrong in my assessment of MEO. Can...

Good point astm.

I may be wrong in my assessment of MEO. Can anyone help?

1) How proven is the site?
2) Does anybody really know the new 3D info other than company hype?

Bob and Sandy

INFO FOUND

Carnarvon Exploration Permits (WA‐359‐P, WA‐360‐P, WA‐361‐P) Exploration Potential
• Close proximity to existing & planned
LNG infrastructure
• East Artemis ~12 Tcf mean unrisked
• Value add via quality technical work
• Mature prospects for drilling
• Funding via farm‐out (in progress)
potential resource
• Multiple options to monetize



WA-360-P – significant exploration upside
Strategically located near existing & proposed LNG infrastructure
Geological Chance of Success: 32%

MEO Announces East Artemis Pre-drill Resource Estimate Upgrade
15 August 2009
Key Points:
• Previously published gas-in-place estimates of 9.5 Tcf (within WA-360-P) materially upgraded
• Mean gas-in-place for Calypso sands estimated at 10.8 Tcf (6.4 Tcf @ 60% Recovery Factor)
• Mean gas-in-place for Legendre sands estimated at 9.5 Tcf (5.6 Tcf @ 60% Recovery Factor)
• New biostratigraphic data from Zeus-1 indicates increased reservoir thickness
• Newly acquired Artemis 3D seismic data indicates increased areal extent of Artemis prospect
• WA-360-P data room closing to new entrants 5pm EST, August 14th 2009, indicative offers expected by 31st August and farm-out expected to be concluded by 30th September

MEO Australia Limited advises that updated seismic interpretation and pre-drill resource estimates based on the Artemis 3D seismic data received early July, have now been sent to the 20 parties that remain in the WA-360-P farmout process. The data room closes to new entrants at 5pm today (Melbourne time). MEO has requested indicative offers from these parties by 31st August and remains confident that a transaction will be concluded by 30th September.

In its ASX releases dated 15th July and 21st July, MEO indicated that new biostratigraphic data received from analysis of drill cuttings from the Zeus-1 well suggested increased reservoir thickness due to the identification of the Calypso reservoir, and the newly received Artemis 3D seismic data suggested an increased areal extent of the Artemis prospect. These factors gave the Company confidence that the previously estimated 9.5 Tcf gas-in-place for Artemis would likely materially increase.

Impact of bio-stratigraphic data from Zeus-1
MEO recently received new bio-stratigraphic data from its Zeus-1 well. This data has caused the Company to upgrade its reservoir interpretation to include both Calypso and Legendre sandstones in the prognosed reservoir section at Artemis, resulting in a prediction of significantly thicker reservoir at Artemis than originally prognosed.

Impact of Artemis 3D seismic data
Velocity data from the new 3D has increased the size of the Artemis structure and concurrently increased confidence in MEO’s depth conversion methodology. High amplitudes (often termed Direct Hydrocarbon Indicators or DHI’s) are observed on both the existing and new data within the predicted reservoir section at Artemis. These high amplitudes exhibit a common depth termination which may represent a Gas Water Contact and therefore may indicate the presence of gas.