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Independent assessment of Marina discovery and Breakwater prospect

Key Points:

• Marina-1 discovery assessed to contain contingent hydrocarbon resources in five zones
o contingent gas resources: 51 Bcf (1C), 98 Bcf (2C) and 302 Bcf (3C)
o contingent oil and condensate resources: 6.5 Mmbbls (2C) and 29.5 Mmbbls (3C)

• Breakwater prospective resources assessed under gas only & mixed gas/oil scenarios
o gas/condensate: 751 Bcf, 13 Mmbbls (Best); 2,798 Bcf, 87 Mmbls (High), 24% COS
o mixed gas/oil: 636 Bcf & 52 Mmbls (Best); 2,391 Bcf & 276 Mmbls (high), 16% COS

MELBOURNE, AUSTRALIA (29th February, 2012)

MEO Australia Limited (ASX: MEO; OTC: MEOAY) is pleased to release the findings of an independent report by Senergy (GB) Limited (“Senergy”), commissioned by MEO to provide a preliminary volumetric assessment of the Marina-1 gas and liquids discovery and the Breakwater prospect in its 100% owned WA-454-P, in the Joseph Bonaparte Gulf, offshore Western Australia.

Background
MEO was awarded WA-454-P on 14th June 2011 as part of the 2010 gazettal round. The Permit contains the 2007 Marina-1 gas discovery, drilled by ExxonMobil and Drillsearch. On 14th January 2012, MEO awarded a contract to CGGVeritas to acquire the 601 km2 Floyd 3D seismic survey over the Marina discovery, the Breakwater prospect and two additional leads. Concurrent with the 3D seismic acquisition, MEO commissioned Senergy to prepare an independent assessment of the Marina discovery and Breakwater prospect based on the existing 2D seismic and well log data.

Marina gas and probable oil discovery
Senergy concluded that Marina-1 contains contingent resources in up to 5 zones:
• Gas is considered “proven” in Zones 1, 2, 3 & 4, however only “possible” in Zone 5.
• While oil is not “proven”, it is considered “probable” in Zone 1 and “possible” in Zone 2.
• Oil is also considered “possible” in Zone 4, howe

The full assessment can be found in the above pdf.

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