MEO reports Indonesian operations

The following is an excerpt from Australian firm MEO Australia Limited quarterly activities ended December, 2011 released on Monday.

Seruway PSC, North Sumatra (MEO 100%, Operator)
The PSC contains two significant gas discoveries ? Gurame & Kuala Langsa ? together with a number of wells that have intersected and tested gas and condensate. The PSC is strategically situated in close proximity to LNG infrastructure which has under-utilised capacity and a strong domestic gas market. MEO has committed to acquiring 700 km2 3D seismic and to drill one well by the end of 2012.

During the quarter, a contract was awarded to PT Nusantara PGS for the acquisition of the Ibu Horst 3D seismic survey. The 3D survey was completed in early January with 708 km2 of full fold data recorded.

South Madura PSC, East Java (MEO 90%, Operator)
During the quarter, MEO executed a binding agreement to acquire an additional 60% participating interest in the PSC from AED South Madura BV for US$0.3 million cash. The purchase is subject to customary approvals. (end of edited excerpt)