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MEO Australia Director Increases Shareholding

MEO Australia (ASX: MEO) director Gregory Short has topped up his shareholding in the oil and gas explorer as it pushes ahead with its new oil plays off Thailand and Western Australia.

Short bought 100,000 shares for a consideration of A$27,000 at an average entry price of A$0.27 on market, bringing his total direct holding to 407,444 shares and 900,000 options with an expiry on 27 October 2015.

MEO had last month acquired a 50% stake in a Thai block from veteran Gulf of Thailand operator Pearl Oil.

Block G2/48 is located in shallow water close to 2 recent discoveries as well as Pearl's producing Jasmine oil field to the south.

A number of leads and prospects have been identified with potential target sizes ranging from 5 million to 75 million barrels of oil, ranging from moderate to high risk.

The company has also shot 3D seismic over a number of its Australian offshore permits and is working to secure farm out partners to share the risk and capital investment required to drill prospects.