MEO Australia: Quarterly exercises synopsis for period finished 31 Walk 2016
Friday, Apr 29, 2016
MEO Australia Constrained (ASX: MEO) ("MEO" or "Organization") gives the accompanying synopsis in connection to its exercises amid the quarter finished 31 Walk 2016.
Amid the quarter MEO proceeded with its itemized evaluation of the prospectivity of Piece 9 in light of the impressive amount of chronicled specialized information from Square 9 that has been gotten. The oil recuperations from various verifiable wells and in addition regular leaks and tar stores in Piece 9 show an across the board and productive petroleum framework. Starting investigation has likewise shown the nearness of various imminent basic patterns in Square 9. Also a 2D seismic reprocessing undertaking is right now in progress, the consequences of which will be fused into the prospectivity evaluation that will be finished up in mid-2016.
The Creation Sharing Contract (PSC) for Square 9, coastal Cuba, was executed on 3 September 2015. The Piece 9 PSC range is in a demonstrated hydrocarbon framework with different revelations inside close nearness, including the multi-billion barrel Varadero oil field. It likewise contains the Motembo field - the main oil field found in Cuba. As an early mover into Cuba, MEO is presently one of only a handful couple of western organizations with an impression in the extending Cuban hydrocarbon division.
MEO initiated 2D seismic reprocessing and reversal concentrates on over the Bee sanctuary prospect amid the quarter. Beginning results from the seismic reprocessing are demonstrating a huge upgrade to information quality with higher quality meaning of key parts of the prospect that are relied upon to bring about an empowering improvement of the prospectivity of Colony. The seismic reprocessing and reversal study is to be finished by mid-2016. The potential penetrating of the prospect has additionally been conceded by 12 months until late 2017.
New Zealand – PEP51153
MEO was instructed amid the quarter that vendors regarding Kea Petroleum Constrained (Kea), Administrator of PEP51153 had gone into a restrictive assention for the offer of its 70% enthusiasm for the grant. The exchange is liable to New Zealand administrative endorsements. The proposed acquirer is an Administrator with existing creation in the area conceivably bringing critical operational cooperative energies. MEO is a joint endeavor member in PEP51153 (MEO 30%), and its enthusiasm for the grant is not influenced by the arrangement of outlets to Kea. Points of interest of the approaching party will be discharged at the appropriate time.
Amid the quarter MEO executed a private arrangement concurrence with London recorded Leni Gas Cuba Constrained to raise $1.4 million. Around 140 million shares were issued at a humble premium to the past shutting offer cost. The assets are to be utilized to propel investigation on Cuba Piece 9. The situation makes Leni Gas Cuba Restricted the biggest single shareholder in MEO with a 15.8% enthusiasm for the organization.
Money equalization at end of quarter
Merged money parity at 31 Walk 2016 was $4.95 million.
MEO perceives the present business environment is helpful for getting resources at an appealing cost. Screening for corporate alternatives, early passage and resource opportunities reliable with our methodology proceeds.
Needs for the present quarter finishing 30 June 2016
• Advancement exercises in the Square 9 PSC, Inland Cuba.
• Complete seismic reprocessing and reversal over Apiary prospect, WA-488-P.
• Help with exchange of Operatorship of PEP51153 (coastal New Zealand).
• Keep screening for corporate alternatives and resource opportunities that improve MEO shareholder esteem.
For more data, please visit : http://www.meoaustralia.com.au