• 6 minutes Can the World Survive without Saudi Oil?
  • 10 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 6 hours Judge Approves SEC Settlement With Tesla, Musk
  • 2 mins U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 26 mins How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 3 mins Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 32 mins UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 3 hours Iranian Sanctions - What Are The Facts?
  • 45 mins China Thirsty for Canadian Crude
  • 5 hours Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 4 hours EU to Splash Billions on Battery Factories
  • 7 hours Saudi Crown Prince to Trump: We've Replaced All Iran's Lost Oil
  • 7 hours Mexico State Oil
  • 6 hours Gold price on a rise...
  • 2 hours Two Koreas: U.N. Command Wrap Up First Talks On Disarming Border
Alt Text

Petronas Halts all Imports of Iranian Crude in South Africa

Engen, a South African based unit of Petronas, has announced that it has halted all crude imports from Iran, which used to account for 80 percent of

Read more +
Alt Text

Acquisition of Maari 3D Seismic Survey Commences

Cue energy has just released good news regarding permits for projects in New Zealand

Read more +
Alt Text

Environmental Approval Extended for Tassie Shoal LNG Project

MEO Australia Ltd has just received environmental approval for its Tassie Shoal LNG project.

Read more +

Australian Oil Company Farms in to Prospective Thailand Acreage

Acquires 50% interest in Gulf of Thailand Block G2/48

Key Points:
• Acquires 50% interest in Gulf of Thailand block G2/48
• Located in a shallow water emerging oil province
• Exploration well targeting oil scheduled for 3Q 2012

MELBOURNE, AUSTRALIA (27th February, 2012)

MEO Australia Limited (ASX: MEO; OTC: MEOAY) is pleased to announce that its wholly owned subsidiary Rayong Offshore Exploration Limited has executed a binding farm-in agreement with Pearl Oil Offshore Limited (“Pearl Oil”) to acquire a 50% Participating Interest in the Block G2/48 Concession in the Gulf of Thailand. G2/48 is located in shallow water, proximal to the Jasmine producing oil field and the Manora oil discovery currently under development. Consideration for the farm-in comprises MEO reimbursing 50% of the costs of the 450 km2 3D seismic survey acquired in 4Q 2011, and paying 66.6% of the 2012 commitment well (capped at a gross well cost of US$5 million, above which MEO will pay its participating interest). Pearl Oil will remain the Operator. The transaction is subject to the normal government approvals for transactions of this type.

In late 2011, Pearl Oil acquired approximately 450 km2 of 3D seismic to mature one of the several oil prospects identified to the preferred concession commitment well. Drilling is currently scheduled to occur during 3Q-2012 subject to rig availability. Negotiations to secure a rig are advanced.

MEO’s CEO and MD Jürgen Hendrich, commented on the announcement:

“This farm-in is consistent with MEO’s strategy of expanding our portfolio into South East Asia through a low cost entry approach targeting proven hydrocarbon systems with attractive targets.

We have evaluated a number of opportunities in the Gulf of Thailand during the past 12 months and this opportunity represents a compelling entry into an emerging oil play fairway.

The Thai fiscal terms makes even a modest sized commercial oil discovery very attractive to MEO shareholders.

Our newly acquired interest is proximal to Pearl Oil’s producing Jasmine oil field (>40 million barrels cumulative production since 2005) and Pearl Oil’s Manora oil development (2009 discovery).

At a corporate level, this transaction adds oil exploration exposure to the portfolio together with a third well to our 2012 drilling campaign which provides shareholders with a number of potential catalysts for value creation in the second half of this year.

We look forward to working with Pearl and leveraging their regional technical and development expertise.”

To see the full release including tables and map please click on the pdf file above.

Oilprice - The No. 1 Source for Oil & Energy News