MEO Australia Teams Up With Finder for Resource Exploration in Australia's North West Shelf

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Researched by Industrial Info Resources Australia (Perth, Australia)--MEO Australia Limited (ASX:MEO) (Melbourne, Australia) is executing binding agreements, which are subject to normal regulatory approvals, with Finder Exploration Pty Limited (Perth, Australia) to farm-in to the NT/P79 exploration permit in the Joseph Bonaparte Gulf, offshore Western Australia.

The NT/P79 license covers an area of 6,415 square kilometers, and MEO Australia recently acquired Geoscience Australia 2D seismic data that will be used to assess several geological features contained in the permit. MEO Australia will assess whether any of the identified geological features can be matured to drillable prospect status.

Under the new agreement, MEO Australia will acquire a 65% participating interest and full operatorship of the permit in return for reimbursing Finder AU$200,000. The permit is currently in Permit Year 4, and the parties involved have a drill/drop election decision to make before entering the final permit year in June 2014.

MEO Australia is an independent oil and gas company focused on developing business to service the rapidly growing Asia-Pacific energy markets. The company is developing a portfolio of exploration opportunities on the North West Shelf, Ashmore Cartier and Timor Sea regions in Australia, as well as offshore Indonesia and in the Gulf of Thailand.

Industrial Info is currently tracking two major MEO Australia projects under development in the North West Shelf: the Tassie Shoal liquefied natural gas (LNG) production plant and the Tassie Shoal methanol production plant. MEO Australia is developing plans to construct the grassroot offshore LNG production plant approximately 275 kilometers northwest of Darwin. The final investment decision is to be made around June 2014, and a selected EPC firm is to be announced shortly thereafter.

MEO Australia is continuing with the economic evaluation for the grassroot natural gas methanol production plant, which involves the construction of a 1.75 million-metric-ton-per-year capacity methanol plant utilizing Davy process technology. The methanol plant site is alongside the proposed Tassie Shoal LNG production plant. The projects have a total investment value of more than AU$6 billion and, if approved ,are scheduled to kick off in 2016. The Tassie Shoal LNG production plant and Phase I of the Tassie Shoal methanol plant are tentatively scheduled for completion in 2019.

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