Vulcan Sub-Basin Exploration
MEO Interest AC/P50
AC/P51
AC/P53		 100% (Operator)
100% (Operator)
100% (Operator)
Location AC/P50, AC/P51, AC/P53, offshore Ashmore Cartier Area

Map
Joint Venture N/A
Work Program MEO is currently planning 170km of 2D and 507km2 of 3D seismic acquisition in 1Q 2011 over the three permits to enable further technical understanding of the exploration potential of these blocks.
Status/Potential MEO acquired the interests in AC/P50 and AC/P51 in late 2010 from Silver Wave Energy Pte Ltd and the permits are in the third year of their exploration program. AC/P53 was awarded to MEO in 2011 through the Australian 2010 Offshore Petroleum Acreage Release, and has just commenced Year 1 of the exploration program.

After the acquisition of the seismic surveys in late 2011, MEO will evaluate the potential of the blocks.

The blocks are on trend with a range of existing oil and gas discoveries and production fields (eg Jabiru/Challis, Montara).

Silver Wave Energy Pte Ltd and RedRock Energy Pte Ltd hold options to acquire interests in AC/P50 and AC/P51 – refer ASX release (15 November 2010).
Surrounding Area Activity Montara / Swift / Swallow
PTTEP is currently finalising developments from these oil fields which are expected to come onto production in 2012 at a peak of 40,000 bopd.

Cash – Maple
PTTEP acquired a 20% interest in these gas/condensate fields from CUE Energy in 2011.

Puffin / Talbot
The Puffin oil field commenced production in 2007, and Sinopec farmed into the development in 2008, becoming operator. In 2009, the field experienced production problems and was shut in. The joint venture is currently reviewing options with these fields.