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MEO Australia To Raise Working Capital With Share Purchase Plan

MEO Australia (ASX: MEO) is offering shareholders the opportunity to subscribe for up to A$15,000 worth of new shares priced at A$0.20 each with proceeds used to provide ongoing working capital.

"This capital raising has been launched at a very exciting time in the history of MEO. Shareholders have an exposure to three high impact wells addressing different play-types in three different petroleum provinces," managing director Jürgen Hendrich said.

"Eni is fully funding Heron South-1 targeting an LNG scale gas resource, while MEO is fully funding Gurame SE-1X which is appraising the likely gas cap to a significant oil discovery offshore North Sumatra.

"MEO is also funding its share of Sainampueng-1 which is targeting a material oil prospect in the Gulf of Thailand with substantial follow up potential."

He added the Share Purchase Plan offers shareholders the opportunity to increase their leverage immediately ahead of drilling results.

"It remains an imperative of the board to consider other ongoing capital management initiatives to ensure the company remains well capitalised at all times."

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