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MEO Expands Exploration Activity in Joseph Bonaparte Gulf

Regulatory approval received for variation to WA-454-P minimum work program

Key Points:
• Designated Authority approves variation to WA-454-P Minimum Work Program

MELBOURNE, AUSTRALIA (24th February, 2012)

MEO Australia Limited (ASX: MEO; OTC: MEOAY) advises that the Commonwealth – West
Australia Offshore Petroleum Joint Authority (the “Designated Authority”) has approved MEO’s application to vary the Minimum Work Requirements of the WA-454-P Exploration Permit in the Joseph Bonaparte Gulf region of the Timor Sea (Petrel sub-basin). The variation represents an acceleration and expansion of the original Permit Year 3 work commitment into Permit Year 1.

MEO submitted the work program variation application following a review of the technical data post award of the permit in June 2011, which resulted in a decision to accelerate the acquisition of the Floyd 3D seismic survey. Acquisition of the survey commenced on 12th February 2012 and is scheduled to take less than thirty days to complete. The Floyd 3D survey covers the Marina gas and liquids discovery, the nearby Breakwater prospect and two additional leads.

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

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