MEO Australia Limited has been advised that the Delegate of the Designated Authority for the Territory of Ashmore and Cartier Islands offshore area has approved the acquisition by MEO of a 100% interest in AC/P50 & AC/P51 from Silver Wave Energy Pte Ltd and has duly registered the associated dealings.
These approvals satisfy the conditions precedent pertaining to the transaction and settlement proceeds of US$270,000 will now be paid to Silver Wave. As part of this transaction, Silver Wave has an option to acquire a 10% working interest in each permit prior to the expiry of Permit Year 3 by repaying 20% of MEO’s costs, including acquisition costs.
These permits cover a combined area of 1,943.6 km2 and were awarded in April 2009. They are currently in Permit Year 2 of their work program. Seismic acquisition is programmed for Permit Year 3 commencing 21st April 2011.
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Source: MEO Australia, December 24, 2010;