MEO Australia announces discovery

MEO Australia Limited advises the market that following careful analysis of the production testing results and electric log data through the Heron North Elang/Plover sandstone unit, formal declaration of a discovery pursuant to clause 34 of the Petroleum (Submerged Lands) Act 1967 has been made to the Designated Authority.

Heron-2 was drilled by Seadrill’s West Atlas jack-up rig contracted to MEO for two firm wells. The Heron-2 well penetrated the Epenarra Darwin Formation and the deeper Elang/Plover Formation of the Heron North structure. Electric logging indicated that both of the target reservoirs were gas saturated.

Production testing of the Heron North Elang/Plover sandstone unit recorded a maximum interpreted hydrocarbon flow between 6 and 8 MMscf/day before operations were halted due to the approach of Cyclone Helen. Further testing was not successful due to the partial collapse of the well.