• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 3 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 4 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 332 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
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