MEO awards seismic survey contract in Seruway PSC

Australia-listed firm MEO Australia Limited announced that its wholly owned subsidiary Transworld Seruway Exploration Limited (TSEL) has awarded a contract to PT PGS Nusantara for the acquisition of a 705 km? 3D marine seismic survey in the Seruway PSC, offshore northern part of Sumatra.

The acquisition is scheduled to commence on or about December 2 and will take approximately 30 days to complete. The value of the contract is US$5.8 million, excluding processing, according to a media statement.

TSEL?s participating interest in the Seruway PSC is 100%. The PSC itself currently covers an area of 3,635 km2 and contains two significant gas discoveries (Gurame and Kuala Langsa), together with a number of additional exploration and appraisal opportunities.

The PSC is close to the ExxonMobil-operated Arun LNG plant which has near term unfilled capacity. Under the acquisition arrangements, MEO has committed to acquire a 700km2 3D seismic survey and drill one exploration well in the PSC before the end of 2012. The PSC expires on December 11, 2014. (romel)