MEO Australia Limited (ASX: MEO) has been advised by the National Offshore Petroleum Titles Administrator (NOPTA) that the Commonwealth – Western Australia Offshore Petroleum Joint Authority has approved an application for a work program variation for Exploration Permit WA-361P in the Carnarvon Basin.
MEO applied for the work program variation on behalf of the WA-361-P Joint Venture to allow it to complete geotechnical studies ahead of any requirement to drill a well in the permit. The proposed studies will allow the Joint Venture to establish a local sequence stratigraphic framework, undertake detailed depth conversion and integrate additional existing data in order to enhance existing leads and develop new plays ahead of permit renewal in January 2016.
MEO’s CEO and MD Jürgen Hendrich commented on the announcement:”We are very pleased to be given the opportunity to complete these technical studies in order to allow the Joint Venture to better understand the prospectivity of the permit. The Carnarvon Basin is one of the world’s most prolific gas producing basins and the permit’s proximity to producing fields encourages the participants that attractive leads and plays can be matured ahead of permit renewal.”