MEO Australia Limited provides the following update in relation to the G2/48 Concession in the Gulf of Thailand where it holds a 50% participating interest (through its wholly owned subsidiary Rayong Offshore Exploration Limited). The remaining 50% participating interest is currently held by Mubadala Petroleum (SE Asia) Limited (through its wholly owned subsidiary MP G1 (Thailand) Limited) ('Mubadala') who is the Operator of the concession.

Despite having strong interest from a number of prospective farminees, the farm out process did not yield a commercially acceptable offer in the time frame available. It is MEO's view that this was due to a combination of factors including the short time frame for the process and the limited technical maturity of the prospectivity of the concession.

Tags: MEO Australia Limited