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MEO Australia well supported by market with share price rise of 42% in past month

Last updated: 21:27 22 Mar 2012 EDT, First published: 22:27 22 Mar 2012 EDT

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MEO Australia (ASX: MEO) has been a favourite of investors in the past month with its share price gaining by 42% to A$0.27, up from $0.19 in late February.

Interestingly, Woodside Petroleum (ASX: WPL) is planning to drill the Banambu Deep Prospect in WA-389-P, which extends into the WA-361-P permit that MEO operates, in the June quarter.

Potentially this could de-risk MEO’s Carnarvon Basin permit and may get the company involved in the Banambu Deep Prospect, which hosts 1.5 trillion cubic feet of gas.

MEO is planning to buy existing multi-client 3D seismic over WA-360-P and 323 square kilometres of the newly shot Zeus multi-client 3D survey over WA-361-P to mature several leads into prospects.

Importantly, the permits are strategically located close to a number of major gas fields and existing liquefied natural gas projects.    
 
Meanwhile, MEO has also recently completed an independent assessment of the resources at its Marina discovery and Breakwater prospect in WA-454-P in the Petrel Sub-basin.

The independent assessment estimated that Marina could hold best (2C) contingent resources of 5 million barrels (MMbbl) of oil and 98 billion cubic feet (Bcf) of gas, increasing to 302Bcf and 22MMbbl of oil.
 
The assessment for the Breakwater prospect included a gas only scenario and a combined gas and oil scenario.
 
Unrisked prospective recoverable resources for the gas and oil scenario were estimated in the range of 41MMbbl of oil and 636Bcf of gas to 201MMbbl of oil and 2,391Bcf of gas.

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