MEO Australia Limited (ASX: MEO; OTCQX: MEOAY) advises that it’s wholly owned subsidiary, Finniss Offshore Exploration Pty Ltd (Finniss), has received regulatory approval to withdraw from and surrender exploration permit NT/P79.
MEO farmed into the permit in December 2012 to pursue an exploration play concept that required validation by 2D seismic data that was not available at the time of the farm-in. The 2D data was acquired by Geoscience Australia (“GA”) at no cost to the NT/P79 participants.
Following receipt and evaluation of this seismic data, MEO concluded that the exploration play concept could not be sufficiently de-risked to warrant further investment in this permit.
Having satisfied the Permit Year 4 work obligations, the joint venture participants consequently elected to withdraw from and surrender NT/P79 prior to the commencement of permit year 5.