Apache declines option to farm-in permits in Australia

MEO Australia Ltd.

MEO Australia Ltd. reports that Apache Northwest Pty. Ltd. has elected not to exercise its option to farm-in to the AC/P50 and AC/P51 exploration permits in the Vulcan Sub-Basin offshore northern Australia.

Under the Option Agreement signed in June, Apache had until Sept. 30 to elect to potentially acquire a 70% interest in the permits at their renewal, scheduled for April 2015.

MEO CEO and Managing Director Jurgen Hendrich noted that the company would remain receptive to potential third-party farm-in offers in the period leading up to the permit renewal next April.

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