MEO seeks farm-in partner to fund drilling campaign
Friday, September 27 2013 - 02:34 AM WIB
ASX-listed MEO Australia Limited is keen to find a farm-in partner to fund the drilling of Juaro prospect which is located within Seruway PSC, offshore North Sumatra.
According to the company? chairman Nicholas Heath in the 2013 annual report released on Friday, the Juaro prospect was first drilled a number of years ago and the well flowed gas on testing and recovered 37 degree API oil, suggesting an oil accumulation below a gas cap.
?The high quality Ibu Horst 3D seismic acquired by MEO in early 2012 now reveals that the reservoir thickens away from the discovery location and we see a very attractive target of a prospective 300 MMstb,? Heath said.
The company is suffering from cash shortage after drilling of Gurame well in Seruway in 2012 failed to make discovery.
The company?s Managing Director Jurgen Hendrich said that a farm-out/partial sale process remains active at the time of the annual report was disclosed. MEO has a 100 percent interest in Seruway PSC.
Editing by Reiner Simanjuntak