Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Apr 2012farm in farm out agreement● NeutralMajor
MEO launched a farmout of up to 50% of the Seruway PSC in Indonesia, flagged earlier as a farm-in partner search. Gurame P50 prospective resources are 0.5 Tcf gas and 57 MMstb liquids; the commitment well is planned for late 2012, and MEO may keep 100% absent a compelling offer.
29 Feb 2012resource reserve update▲ GoodMajor
Independent Senergy assessment of WA-454-P gives Marina contingent resources of 98 Bcf gas and 6.5 MMbbl oil/condensate (2C), rising to 302 Bcf and 29.5 MMbbl (3C). Breakwater best-case prospective gas/oil is 636 Bcf and 52 MMbbl (16% chance of success). MEO aims to find a drilling partner by year end.
28 Feb 2012drilling progress report● Neutral
Recording of the 601 km2 Floyd 3D survey in WA-454-P finished on 27 February 2012. Processed data is expected in late 2Q 2012, to refine the Marina resource estimate and the Breakwater drilling location before seeking a funding partner.
27 Feb 2012farm in farm out agreement▲ GoodMajor
MEO signed a binding deal to take 50% of Gulf of Thailand Block G2/48 from Pearl Oil (operator). It reimburses 50% of the 450 km2 3D survey and pays 66.6% of a 2012 commitment well, capped at US$5m gross. Oil well planned 3Q 2012, adding a third 2012 well.
13 Feb 2012drilling progress report● Neutral
Recording began on 12 February 2012 for the 601 km2 Floyd 3D survey in WA-454-P (MEO 100%), taking under 30 days. It covers the Marina gas and liquids discovery and Breakwater prospect, and brings forward the Year 3 work commitment.
13 Feb 2012drilling progress report▲ Good
The 508 km2 Zeppelin 3D survey over AC/P50 and AC/P51 finished on 11 February 2012. Regulators approved on 10 February a variation substituting 276 km2 of this 3D for the 1,000 km 2D commitment, so it meets the Year 3 obligation.
20 Jan 2012drilling progress report● Neutral
Recording began on 20 January 2012 for the 507 km2 Zeppelin 3D survey over AC/P50 and AC/P51, taking about 23 days. It would meet the current permit-year work obligation, subject to regulatory approval of a work program variation for AC/P51.
18 Jan 2012drilling progress report● Neutral
The 170 km Zeppelin 2D survey in AC/P53 finished on 17 January 2012. The vessel will now be reconfigured for the 507 km2 Zeppelin 3D survey over AC/P50 and AC/P51.
16 Jan 2012drilling progress report● Neutral
Recording of the 170 km Zeppelin 2D seismic survey in AC/P53 began on 15 January 2012, expected to take about three days. It brings forward part of the permit's Year 2 work commitment into Year 1.
9 Jan 2012drilling progress report▲ Good
The Ibu Horst 3D survey in the Seruway PSC finished on 6 January 2012, with 708 km2 recorded and processed data expected early in the second quarter. It completes the 2011 commitment; one well is due in 2012 and rig talks are under way.
6 Jan 2012drilling result▲ Good
Eni completed the Bathurst 3D seismic survey over Blackwood East in NT/P68, recording 766 km2 of data, more than the 698 km2 planned. Eni has 365 days from completion to decide whether to drill Blackwood-2 to keep its 50% interest in Blackwood.
9 Dec 2011drilling progress report▲ Good
Acquisition of the 705 km2 Ibu Horst 3D seismic survey in the Seruway PSC, offshore North Sumatra, has begun and should take about 30 days. It fulfils the 2011 work commitment and is expected to generate drillable prospects for the well due by end 2012.
7 Dec 2011drilling progress report● Neutral
Eni's Bathurst 3D seismic survey over Blackwood East in NT/P68 has started, with 698 km2 to be recorded within about 50 days. MEO is carried for the cost. Eni's 365-day window to decide on Blackwood-2 starts after completion.
2 Dec 2011farm in farm out completion▲ GoodMajor
Eni committed to the 698 km2 Bathurst 3D seismic survey over Blackwood in NT/P68, earlier than the option required, and will pay MEO's share of costs. Eni then has 365 days after the survey to decide whether to drill Blackwood-2 and keep its 50% of Blackwood.
2 Nov 2011drilling progress report▲ Good
Fugro finished the Zeus 3D survey on 31 October 2011. MEO's 323 km2 in WA-361-P satisfies its year-2 work commitment. Processed data is now expected by early May 2012, slightly later than the Q2 2012 previously guided.
8 Sept 2011drilling progress report● Neutral
Fugro began acquiring the Zeus 3D seismic survey on 6 September 2011, including the 323 km2 MEO's WA-361-P joint venture is buying. About seven weeks of work is expected, with processed data due in Q2 2012.
5 July 2011farm in farm out completion▲ GoodMajor
Regulators approved the Eni farm-in: Eni is now registered as 50% holder and operator of NT/P68, with MEO at 50%. Eni is preparing to drill Heron-3 and is seeking a rig. Resolves the pending approval.
1 July 2011farm in farm out completion● Neutral
Petrofac did not exercise its option to take 5% of NT/P68 and the Tassie Shoal projects, which expired 30 June 2011. MEO keeps that interest ahead of the Eni farm-in. Closes the Petrofac option thread.
18 May 2011farm in farm out agreement▲ GoodMajor
Binding deal signed: Eni earns 50% of Heron and becomes operator by funding two wells, and may exit after the first. Eni has options on Blackwood and a further 25%, with US$75m payable to MEO at a final investment decision. Resolves the farm-out thread.
15 Mar 2011farm in farm out agreement▲ GoodMajor
MEO accepted a conditional offer from an unnamed preferred farminee for up to 50% of NT/P68, including Heron (5.0 Tcf mean prospective). Binding agreements are still being negotiated, subject to regulatory approval. Blackwood stays 100% MEO. Not yet certain to complete.
29 Dec 2010drilling progress report● Neutral
The Songa Venus rig was released on 26 December after Artemis-1 was plugged and abandoned. Operations were reported safe and without environmental incident. Final Artemis-1 progress report.
22 Dec 2010drilling progress report● Neutral
Plugging and abandonment of Artemis-1 continues, interrupted by a rig evacuation for a Tropical Low from 14 to 17 December. The rig is expected to be released over the weekend.
13 Dec 2010drilling result▼ BadMajor
Artemis-1 reached 3,500m and found no hydrocarbons in the target reservoirs; it will be plugged and abandoned. A dry hole for the ~12 Tcf prospect (32% chance of success), though Petrobras already paid its US$31.5m bonus.
8 Dec 2010drilling progress report● Neutral
The over-pressured zone was stabilised with heavier mud and the well drilled to 2,976m so the zone can be sealed behind casing. Casing is being prepared, with drilling expected to resume on 10 December.
6 Dec 2010drilling progress report● Neutral
Artemis-1 reached 2,936m and was shut in on 5 December after hitting an over-pressured gas zone above the main target. Crews are circulating heavier mud to resume drilling. No result on the main objective yet.
6 Dec 2010drilling progress report● Neutral
Cue Energy re-released MEO's 6 December Artemis-1 update: over-pressured gas zone met at 2,936m, well shut in, mud being circulated. Cue holds 15%. Repeats known information.
1 Dec 2010drilling progress report● Neutral
Artemis-1 spudded at 00:45 on 25 November and is cased at 1,870m. Crews are installing blow-out equipment, with drilling of the next hole section planned for 3 December and about 2.5 days then to reach the main target.
25 Nov 2010drilling spud● Neutral
Partner Cue Energy reports Artemis-1 in WA-360-P was spudded on 24 November 2010. Cue holds a no-cost 15% and outlines its own Carnarvon Basin seismic plans with Woodside and Apache. Confirms the well MEO operates is underway; no new MEO information.
24 Nov 2010drilling spud▲ GoodMajor
Songa Venus arrived at the Artemis-1 location on 23 November, ran its anchors and is ballasted for drilling. Spud of the ~12 Tcf prospect is expected the evening of 24 November, the start of the well the Petrobras deal funded.
17 Nov 2010drilling progress report● Neutral
Rig tow update: Songa Venus had covered 28.1% of the 646.7 nautical mile journey by 17 November. Arrival at Artemis-1 is expected late on 23 November, weather permitting, with spud shortly after.
