MELBOURNE, Australia – MEO Australia has executed binding agreements with Finder Exploration to farm into the NT/P79 exploration permit offshore northern Australia.
The concession NT/P79 is 6,415 sq km (2,477 sq mi) in the Joseph Bonaparte Gulf, and is between MEO’s existing NT/P68 (50%) and WA-454-P (100%) permits.
It contains various geological features that MEO will evaluate following receipt of recently acquired 2D seismic from Geoscience Australia.
However, there are no plans to acquire further seismic as MEO believes there is sufficient new data to assess drilling prospects.
Pending regulatory approvals, MEO will take a 65% operating interest in the concession, and carry 100% of the study costs through completion of a joint farm-out, subject to confirmation of a drillable prospect.
A drill/drop election decision is due before entering the final permit year in June 2014.