MEO targets to close Seruway PSC farm-out deal in Q3

By Peni Pedriawan

Australia-listed firm MEO Australia Limited expects a transaction in the third quarter of the year to close out a deal with regard to its offer in April to farm out up to 50 percent participating interest in the Seruway PSC, offshore North Sumatra.

MEO did not say in a filing on Thursday whether it had received bids so far.

For its program this year, the company said in the filing that it plans to drill one well in the block in the fourth quarter of 2012, and two other wells in the following quarter.

MEO, through wholly owned subsidiary Seruway Offshore Exploration Limited owns a 100 percent working interest in the block, which includes two significant gas fields ? Gurame and Kuala Langsa ? together with a number of wells that have intersected and tested gas and condensate.

Editing by Dadan Wijaksana