MEO accepts withdrawal from offshore Western Australia permit

Offshore staff

MELBOURNE, Australia – MEO Australia Ltd. (ASX: MEO) has reached an agreement that allows Rex Bonaparte Gulf to withdraw from a 30% farm-in to the WA-488-P exploration permit offshore Western Australia.

Rex recently advised MEO that in light of difficult market conditions, it would re-focus on its key assets in Norway and Oman.

The agreement gives MEO unfettered rights to pursue alternative farm-out options to progress exploration of the WA-488-P.

WA-488-P contains the Beehive prospect, one of Australia’s largest hydrocarbon prospects, the company claims. The location is between the producing Blacktip gas field and the undeveloped Turtle and Barnett oil discoveries.

10/20/2015

 

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