Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

MEO Australia Completes Key Seismic Survey, Moves To Process Data And Attract Partner

MEO Australia (ASX:MEO) has completed acquisition of the Floyd 3D seismic survey aimed at more accurately mapping and estimating resources at the Marina gas and liquids discovery in WA-454-P, Petrel Sub-basin.

The company had pushed ahead with accelerating its exploration program in the permit after holding it for less than 8 months, a sign of the confidence MEO has in its prospectivity.

WA-454-P is located close to Eni's producing Blacktip gas field to the southeast as well as GDF Suez and Santos' (ASX:STO) Petrel, Tern and Frigate fields to the north, which have been earmarked for the Bonaparte FLNG project.

The Floyd 3D seismic will allow the company to more accurately map and estimate resources at Marina.

It also covers the Breakwater prospect as well as two additional leads and will play a key role in adding technical value ahead of securing a partner to fund drilling in the permit.

MEO will now process the survey data, which is expected to be available for interpretation in late second quarter this year.

Floyd is the last of three seismic surveys MEO is shooting back-to-back to add technical value to each of its permits ahead of seeking partners to share the risk and capital investment required to drill prospects.

MEO holds a 100% stake in WA-454-P.