MEO Australia (ASX: MEO) has renewed its WA-360-P exploration licence in the Carnarvon Basin for another five years, marking the next phase of its exploration program there.
The minimum work program for the first year includes the purchase of part of the existing Foxhound
multi-client 3D seismic survey acquired in the permit during 2009.
This will be used to determine whether the identified Maxwell prospect can be matured to drillable status. The prospect has estimated recoverable resources of about 1 trillion cubic feet of gas,
WA-360-P is located close to a number of giant gas fields that feed Woodside Petroleum's (ASX: WPL) Pluto that is due to start production this month as well as Chevron's (NYSE: CVX) Gorgon and Wheatstone liquefied natural gas projects that are under construction.
Managing director Jürgen Hendrich said the purchase of existing seismic was a fast and cost effective way to extend 3D seismic coverage to virtually the entire permit.
MEO had been required to drop 7 of the original 15 graticular blocks as part of the renewal process. This also marked the exit of Brazilian state oil giant Petrobras and Moby Oil & Gas (ASX:MOG) from the permit.
The Foxhound seismic and the purchase of 323 square kilometres of the Zeus multi-client 3D survey over the nearby WA-361-P will form the basis for attracting a farm-in partner for either or both permits.