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MEO Australia Limited (MEO)
is a publicly listed company on the Australian Securities Exchange (ASX).


{{businessSummary}}

General Overview

About MEO Australia

MEO Australia Ltd is an ASX listed, independent oil and gas company focused on building a substantial Australian and international E&P business servicing the rapidly growing Asian energy markets.

The Company has assembled a portfolio of exploration, appraisal and development stage opportunities on the North West Shelf, the Ashmore Cartier and the Timor Sea regions in Australia and onshore New Zealand.

MEO has also attracted a high calibre Board of Directors and proven Executive, Technical and Commercial talent with a demonstrated track record of attracting and partnering with globally recognised industry participants.

MEO Australia is listed on the Australian Stock Exchange (ASX: MEO) and is headquartered in Melbourne, Australia.

Environment

To prevent or minimize any possible environmental impact as a result of its operations, MEO Australia Limited and its subsidiary companies commits, and will encourage its employees and those companies providing services to MEO Australia Limited or its subsidiaries, to:

  • Comply, at a minimum, with applicable laws, regulations, standards and guidelines for the protection of the environment and in their absence adopt the best practicable means to prevent or minimise adverse environmental impacts;
  • Work and consult with appropriate government agencies drafting policies laws, regulations or procedures to protect the environment;
  • Ensure that adequate waste management practises are carried out based on the prevention, minimisation, recycling, treatment and disposal of wastes;
  • Provide adequate training to enable employees to adopt environmentally responsible work practices and to be aware of their environmental responsibilities;
  • Develop emergency plans and procedures so that incidents can be responded to in a timely and effective manner;
  • Develop and maintain management systems to identify, control and monitor risks and compliance with government regulations and industry guidelines;
  • Monitor environmental effects and assess environmental performance at all stages of exploration, development, production and rehabilitation; and communicate openly with government, non-government bodies and the public in a timely manner on environmental issues which relate to MEO Australia Limited operations.

Projects

Bonaparte Basin Exploration

History

MEOThe NT/P68 Exploration Permit is located approximately 300 km northwest of Darwin in the Timor Sea. It was awarded to MEO subsidiaries on 23rd February 2004. In June 2007 MEO farmed out a 10% interest in the permit to Petrofac Resources Limited in return for Petrofac carrying 25% of two exploration wells. Heron-2 was drilled in December 2007 and flowed gas to surface at more than 6 MMscfd from the Elang formation in an open hole test prior to the hole collapsing. Petrofac declined to participate in the second well of the program and MEO funded 100% of Blackwood-1 in February 2008. Blackwood-1 encountered a 48m gross gas column in the Plover formation above an uncertain gas/water contact. As Blackwood-1 was a wildcat exploration well, a production test was not planned or carried out.

In October 2009, Petrofac withdrew from the permit, returned its partially earned equity to MEO and was relieved of its residual obligations under its farmin arrangements. In April 2010, MEO renewed the permit, relinquishing the less prospective southern portion of the permit while retaining the Heron and Blackwood areas.

Eni Farmin

On 17 May 2011, MEO executed a farmout agreement with Eni Australia Limited (“Eni”) for 50% of the entire permit in return for funding a work program including a 3D seismic survey and a well in the Blackwood area and 2 wells in the Heron Area.

3D Seismic Coverage

The permit has modern 3D seismic coverage over most of the Heron and Blackwood mapped fields. The Bathurst 3D survey was acquired by Eni in December 2011 as part of the farmin arrangements referred to above.

Heron

The Heron-2 well, drilled in 2008, encountered more than 200m of gross gas bearing Plover sands in the Heron north structure. Heron South-1 was drilled by Eni in 2H-2012 and was interpreted to have intersected two gross sandstone intervals of approximately 120m and 115m thickness separated by approximately 130m of shale and silt. Production tests on the two intervals proved movable gas but did not flow gas at commercial rates. The low flow rates observed during production testing indicates low primary reservoir permeability and the absence of secondary permeability (due to natural fractures) at the well location. MEO’s technical assessment predicts the possibility of natural fracturing in the Greater Heron structure which may provide areas of improved reservoir productivity. Additional studies are underway to better understand the causes of and distribution of reservoir productivity and determine whether areas of higher reservoir productivity can be predicted with confidence at Heron.

Blackwood

The gas water contact depth at Blackwood-1 indicated from MDT pressure data is at 3,190mSS, however there is conflicting data resulting in some uncertainties with this interpretation. MEO has therefore assessed contingent resources (i.e. discovered but not proven economic) above 3,190mSS and prospective (i.e. unproven) resources below 3,190mSS down to 3,225mSS.

Blackwood-2 drilling was completed in January 2014 and reached a total depth of 3,425mMDRT. Following evaluation by wireline logging tools, DST-1 was conducted over a 20m interval. No flow was recorded indicating low permeability reservoir at the Blackwood-2 location. Studies are currently underway to understand the implications of the Blackwood-2 drilling results.

Carnarvon Exploration

Work Program

MEO1318 km2 3D seismic acquisition was acquired in November 2011 across WA-361-P.

Status/Potential

WA-360-P permit was renewed in early 2012. Multi-client 3D seismic data was acquired in 2012 and MEO is currently conducting technical reviews.

WA-361-P permit was renewed in early 2011. 3D seismic was acquired in WA-361-P in 2011 and MEO is currently conducting technical reviews.

Surrounding Area Activity

MEO's blocks are adjacent to Western Australia's prolific offshore LNG province, including the currently producing 16.3Mtpa NWS venture (commenced production in 1989) and the LNG field developments currently under construction:

  • Pluto – 4.3Mtpa (Woodside)
  • Wheatstone – 8.9Mtpa (Chevron)
  • Gorgon / Io / Jansz – 15.0Mtpa (Chevron)

New Zealand Exploration

PEP 51153

MEOKea Exploration Limited (KEA) and MEO New Zealand Limited (MEO) are jointly offering an opportunity to farmin to the PEP 51153 exploration permit in the Taranaki Basin, onshore New Zealand. The permit is adjacent to the Waihapa Oil Field which has produced in excess of 23 MMstb of oil to date. Up to 50% equity is available in the permit which has existing production at the Mount Messenger level, in addition to the deeper prospectivity of the Shannon Prospect.

Work Programme

A well to test the prospectivity of the Shannon structure is planned for early 2015. The permit is in Year 7 with the forward work programme consisting of a minimum of 7 km 2D seismic by 22 September 2015. The well commitment in 2015/16 has already been satisfied by the Puka-3 well. Exit is available at the end of each year.

Existing Production

PEP 51153 covers an area of 84.7 km2 and contains the 2012 Puka oil discovery in the Mount Messenger formation. The discovery wells, Puka-1 and Puka-2 (drilled 2013), are producing approximately 100 barrels oil per day (bopd) under an extended well test. The Puka discovery requires successful appraisal to more fully quantify the resource size and productivity ahead of full field development.

Puka Field Resources

Data acquired during the drilling of Puka-3 has furthered the Joint Ventures understanding of the play and while detailed work is still to be completed the information has downgraded the previous assessment. The continued exploration/appraisal of the field has the potential to add material resources both within the currently established field and proximal mid to late Miocene prospects.

Petrel Sub-Basin Exploration

Summary

MEOWA-488-P is located in the Petrel Sub-basin between the producing Blacktip gas field and the undeveloped Turtle and Barnett oil discoveries. WA- 488-P has an area of 4,074 km2 . MEO has recently farmed out 30% to an international exploration company, and retains a 70% interest. MEO has identified the potentially giant Beehive prospect that it believes can be readily advanced to drillable prospect status with existing seismic data and integration of offset well data. MEO is offering interested parties the opportunity to acquire a material equity in WA-488-P in return for a cash consideration and promoted carry on future drilling activity.

Prospective Resources - Recoverable

Beehive is a potentially giant, dual objective prospect with a crest at 4,100m located in 40m water depth defined by a tight grid of high quality 2D seismic data.

The upper objective is a 180km2 isolated carbonate build up (BU) of Carboniferous age with 400m of mapped vertical relief. Beehive is analogous to the giant Tengiz carbonate build up field in the Caspian basin. The carbonate reservoir is also interpreted to be the same age as the 2011 Ungani-1 oil discovery in the Canning basin, which tested at 1,600 bopd demonstrating a high quality reservoir. Beehive is a much larger build up, has excellent access to the Lower Carboniferous source rock in adjacent depocentres. This play setting is undrilled in the Petrel Basin.

The lower objective is a 600km2 Ordovician buried hill with 1000+m of mapped vertical relief. This objective is analogous to the giant Ordovician karsted buried hill fields in the Tarim basin of northern China. The source for Beehive is contemporaneous with the Ordovician source that is being actively pursued in the Canning basin as an unconventional play. This play is also undrilled in the Petrel Basin.

Tassie Shoal Projects

Project Overview

MEOThe Tassie Shoal LNG Project (TSLNG) offers a commercialisation path to LNG for any of the remote gas resources in the region. The design basis is that liquids would be removed from the raw gas at the field location and dry gas piped to Tassie Shoal for processing into LNG.

Location Map

The location is adjacent to many undeveloped gas resources in the region including the Blackwood and Heron discoveries in the nearby NT/P68 exploration permit (MEO 50%) and is approximately 400kms from MEO’s 50% owned WA-454-P permit.

Key Project Metric
  • Water Depth: ~15m
  • Capacity: 3.0MTA, expandable to 4.0MTA
  • Single module construction
  • Processing platform: Jack-up steel structure
  • Self installing platform: 100m x 50m
  • APCI Dual Mixed Refrigerant technology
  • Gas feed assumption: <3% CO2
  • Process Cooling: Closed loop fresh water with indirect seawater heat exchange
  • Storage: 170,000 m3 conventional secondary containment tank on concrete GBS caisson
  • LM6000 Aero-derivative gas turbine drivers
  • Electric drives
  • Conventional Jetty
  • Fabrication Location: South East Asia – TBC

Vulcan Sub-Basin Exploration

Summary

MEOOff the North West coast of Australia is the AC/P51 exploration permit, located in the Vulcan subbasin adjacent to a number of oil and gas discoveries. The permit has an area of 964km2 and is 100% owned by MEO Australia. MEO has identified the Ramble On prospect, incorporating proven reservoir, seal and source intervals in a new structural play for the basin. Ramble On is in water depth of 68m and is part of a trend of prospects that have been identified using the new Zepplin 3D seismic survey and the reprocessed Onnia 3D survey. Ramble On is approximately 15kms from the Montara oil project. MEO is offering interested parties the opportunity to acquire equity in AC/P51 and the adjacent AC/P50 and AC/P53 permits. Under the terms of the Option Agreement between MEO and Apache Energy, Apache Energy has until 30th September, 2014 to exercise an option to farm into AC/P51 and AC/P50 permits.

Prospectivity

AC/P51 is located on the Western margin of the Vulcan sub-basin, where the Late Jurassic, oil prone source rock presence is demonstrated and related oil discoveries have been made nearby at the Montara and Talbot oil fields.

The recent 3D seismic data acquisition and reprocessing undertaken by MEO has led to a sufficient improvement in seismic data quality such that the true structural form of the key Plover and Montara reservoir units can now be defined.

A series of 3-way low side fault traps have been identified. The highest graded prospect is Ramble On, located at the south west end of the trend in a water depth of 68m. Ramble On is ideally located for hydrocarbon charge immediately adjacent to Late Jurassic source-prone intervals. The prospect is a very robust structure with ~500m of vertical relief and the crest of the feature is approximately 2800mSS at the Montara/Plover Fm objective.



Contact Info

MEO Australia Limited

Level 20
500 Collins street
Melbourne, VIC
AU Australia, 3000

Phone: +61 3 8625 6000
Fax: +61 3 9614 0660
Email: admin@meoaustralia.com.au
Website: http://www.meoaustralia.com.au

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MEO Australia Limited Google Map
MEO Australia Limited Google Map

Share Registry

Link Market Services Limited - Click here to view share registry profile

Phone: +61 2 8280 7100
Fax: N/A
Email: info@linkmarketservices.com.au
Website: http://www.linkmarketservices.com.au/

Level 12
680 George Street
Sydney, NSW
AU Australia, 2000


Important Information

The General Overview, Services, Products and Projects information for this profile was last edited on 03 Jun 2015.

All Financial Data is provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Share Prices nor any independent data provider is liable for any informational errors, omissions or other defects, incompleteness, or delays, or for any actions taken in reliance on Financial Data.

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