MEO reports Indonesian operations

The following is an excerpt from Australian firm MEO Australia Limited quarterly activities ended September, 2013 released on Friday

Seruway PSC (MEO 100%, Operator)
The Seruway PSC was acquired in mid-2011 and is located in close proximity to the underutilized Arun LNG plant in Aceh province. The domestic gas market has unsatisfied demand.

The Ibu Horst area of the permit is covered by modern, high quality, 2012 vintage 3D data and contains two main prospective areas of interest: the Juaro Complex discovered by ONS B-1 and Ibu Alpha discovered by NSO 2-N.

Of these, the main feature within the Juaro Complex is estimated to host prospective recoverable resources (best estimate) of of 230 million barrels oil, with an additional 63 million barrels (best estimate) within a series of subordinate, independent features. The Ibu Alpha prospect is estimated to contain prospective resources (best estimate) of 24 million barrels oil.

Another discovery contained on permit - Kuala Langsa ? is assessed to contain contingent resources (Best Estimate) of 1.5 Tcf raw gas, inclusive of CO2 in the range 50-80%.

A farmout/partial sale process continued through the quarter with several companies visiting the physical data room in Jakarta.

South Madura PSC (MEO 90%, Operator)
During the quarter, MEO submitted an application to surrender the PSC which expires in October 2013. (end of excerpt)