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meo australia ltd-spon adr (MEOAY) Snapshot

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07/25/13 - $0.70
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meo australia ltd-spon adr (MEOAY) Details

MEO Australia Limited, an independent oil and gas company, explores for, appraises, and develops oil and gas, methanol, and LNG properties. The company principally holds interests in the Tassie Shoal Methanol and Timor Sea LNG projects located in offshore Australia. It also has interests in a portfolio of exploration, appraisal, and development stage projects on the North West Shelf, the Ashmore Cartier, and the Timor Sea regions in Australia; offshore North Sumatra and Madura Island in East Java of Indonesia; and the Gulf of Thailand. The company was incorporated in 1994 and is headquartered in Melbourne, Australia.

24 Employees
Last Reported Date: 09/18/13
Founded in 1994

meo australia ltd-spon adr (MEOAY) Top Compensated Officers

Chief Executive Officer, Managing Director an...
Total Annual Compensation: A$485.0K
Chief Financial Officer and Company Secretary
Total Annual Compensation: A$258.3K
Executive Manager of Business Development
Total Annual Compensation: A$266.2K
Implementation Manager
Total Annual Compensation: A$341.3K
Commercial Manager
Total Annual Compensation: A$266.8K
Compensation as of Fiscal Year 2013.

meo australia ltd-spon adr (MEOAY) Key Developments

Kea Petroleum PLC Signs on Agreement with MEO Australia Ltd for Puka Farm-out

Kea Petroleum plc announced that it has entered into a Farm-Out Agreement with MEO Australia Ltd. in respect of PEP 51153, including the Puka discovery. The PEP 51153 permit covers an area of 104.4 sq km situated onshore along the eastern margin of the Taranaki Basin, New Zealand's prolific hydrocarbon province. Under the Agreement, MEO will earn a 30% interest in the Permit in return for funding NZD 4 million (80%) of a NZD 5 million first phase work program (Phase 1). Phase 1 is intended to boost existing production and assist future field appraisal and involves a work over of the existing two Puka wells and drilling of a new well (Puka-3) from the existing pad with the objective of further increasing production and appraising the prognosed primary channel sand identified on the recent 3D seismic survey. Phase 1 also involves further testing of the suspended Douglas-1 well. The testing program will be designed to definitively test the Tikorangi Limestone and to confirm log pay in the northern extension of the Puka field at the lower Mount Messenger level. Phase 1 is intended to commence by the end of June 2014. Upon assessment of the results of Phase 1, MEO can elect within 6 months to earn an additional 20% participating interest in the Permit by funding NZD 7.5 million of a NZD 9 million second phase work program (Phase 2). Phase 2 is intended to further appraise and commercialize Puka by developing a new surface location from which the central portion of the field can be accessed. Further wells, potentially including horizontal wells, are planned to be drilled and tested from this location to assist with field appraisal, reserves certification and design of a full field development plan. Upon completion of Phase 2, which will also involve the establishment of permanent production facilities, MEO will have earned a 50% interest in the Permit. Both work program phases are designed to move the discovery towards full field development in 2016 by reducing uncertainties in relation to achievable flow rates in horizontal wells, resource size and recovery. The farm-out is subject to customary conditions precedent, including applicable New Zealand government and regulatory approvals.

MEO Australia Limited(ASX:MEO) dropped from S&P/ASX All Ordinaries Index

MEO Australia Limited(ASX:MEO) dropped from S&P/ASX All Ordinaries Index

MEO Australia Limited Announces Consolidated Earnings Results for the Half Year Ended December 31, 2013

MEO Australia Limited announced consolidated earnings results for the half year ended December 31, 2013. For the period, the company reported interest income of AUD 167,768 compared to AUD 758,087 a year ago. Total income was AUD 167,768 compared to AUD 758,087 a year ago. Loss before income tax was AUD 119,711,500 compared to AUD 58,178,093 a year ago. Net loss for the period was AUD 119,778,018 or 19.10 cents per basic and diluted share compared to AUD 58,307,651 or 10.28 cents per basic and diluted share a year ago. Net cash operating activities was AUD 2,352,539 compared to AUD 2,672,236 a year ago. Expenditure on property, plant and equipment was AUD 7,995 compared to AUD 123,495 a year ago. Expenditure on intangible assets was AUD 24,160 against AUD 35,724 for the same period a year ago. Expenditure on exploration tenements was AUD 1,512,182 compared to AUD 28,656,121 a year ago.


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