MEO expects WP&B for Seruway PSC to be approved this year
Wednesday, September 18 2013 - 10:04 AM WIB
Seruway Offshore Exploration Limited (SOEL), a wholly owned subsidiary of ASX-listed MEO Australia Limited that operates the Seruway PSC, expect to reach agreement with upstream authority SKK Migas on Work Program & Budget (WP&B) for the Seruway PSC in Malaka Strait, East Aceh.
?The 10th and final year of the PSC commences 12 December 2013 through to 11 December 2014. A work program and budget for the final year of the PSC will be agreed with SKMIGAS prior to 12 December 2013,? MEO said in its financial report released on Wednesday.
?The work program becomes guaranteed once a permit year has commenced and all work specified for that year must be completed,? the firm said.
SOEL has a 100 percent interest in the block and is in the process of selling part of its ownership in the block.
In April this year, the firm announced that it had made discover at the Kuala Langsa well in the block and was exploring prospects at Juaro and Ibu Alpha wells.
Editing by Johannes Simbolon