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.
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