MEO Australia Limited says that its wholly owned subsidiary has been formally notified by the international exploration company (the Farminee) that it has received final board approval to proceed with the exercise of its option to farm into WA-488-P.

Subject to final farmin documentation and customary regulatory approvals, the exercise of the option provides the Farminee with a 30% participating interest in the permit with further options (if MEO has not secured alternative funding) to increase their participating interest by an additional 10% in return for procuring full funding of a 3D seismic survey over the Beehive prospect and an additional 40% for procuring full funding of the proposed Beehive-1 well.

Tags: MEO Australia Limited