MEO talks up oil potential in Beehive offshore Australia

Offshore staff

MELBOURNE, Australia – MEO Australia (ASX: MEO; OTC: MEOAY) has completed assessment of prospective resources in the Beehive structure in its recently awarded WA-488-P permit offshore Western Australia.

Prospective Resources     P90     P50     Mean     P10
                         
                         
Carboniferous objective (MMstb)     104     598     1,009
    2,182
                         
                         
Ordovician objective (MMstb)     67     328
    575
    1,314

CEO and Managing Director Jürgen Hendrich said Beehive could be a giant prospect. “Nearby oil discoveries at Turtle and Barnett prove the occurrence of oil in the area. Oil is also indicated, although not proven, in the Marina discovery in MEO’s nearby WA-454-P permit.

“While the Carboniferous and Ordovician plays identified at Beehive have not yet been drilled in the Petrel sub-basin, there are giant oil field analogues in similar aged rocks elsewhere in the world.

“More locally, the recent Ungani-1 oil discovery in the Canning basin intersected the equivalent of the upper objective and flowed 1,600 b/d of oil. This discovery provided the inspiration for MEO’s exploration team to seek out this new play type in a more material sized structure.”

7/15/2013

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