MEO Australia Limited advises that its participating interest in the WA-360-P exploration permit will increase to 62.5% following renewal of the permit, which is due to expire on 31st January 2012.
The remaining 37.5% participating interest will be held by Cue Energy Resources Limited (ASX: CUE).
MEO, as operator, submitted the Permit Renewal application to the Designated Authority on 31st October 2011 with a work program proposal designed to define the remaining prospectivity. The close proximity of WA-360-P to existing and planned LNG infrastructure should allow any discovered hydrocarbons to be readily commercialised.
Rankin Trend Pty Ltd (a wholly owned subsidiary of Moby Oil & Gas Limited ASX: MOG), has provided notice to the Joint Venture participants that it intends to withdraw from WA-360-P effective from the end of the current Permit year.
[mappress]
Source: MEO Australia, November 8, 2011