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Australia

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ASX & Media Release

Vulcan Sub-Basin AC/P50 and AC/P51 Work Program Variation Key Points:

• AC/P50 and AC/P51 work program variations approved by NOPTA

• Exploration wells removed from Year 6 Minimum Work Requirements

• Geotechnical studies to be completed prior to permit renewal in April 2015

MELBOURNE, AUSTRALIA (22nd April, 2014)

MEO Australia Limited (ASX: MEO) has been advised by the National Offshore Petroleum Titles Administrator (NOPTA) that the Territory of Ashmore and Cartier Islands Offshore Petroleum Joint Authority has approved applications for work program variations for Exploration Permits AC/P50 and AC/P51 in the Vulcan Sub-Basin.
MEO applied for the work program variation to allow additional geotechnical studies to be completed ahead of any requirement to drill a well in each of the permits. The planned studies will focus on reducing the geological risk inherent in the identified prospects, enhancing existing leads and developing new plays ahead of permit renewal in April 2015.

Work Programs

AC/P50

Year

Start Date

End Date

Minimum Work Requirements

Estimated Expenditure

Before Variation

6

21 Apr 2014

20 Apr 2015

1 Exploration Well

A$30,000,000

After Variation

6

21 Apr 2014

20 Apr 2015

Geotechnical Studies

A$150,000

AC/P51

Year

Start Date

End Date

Minimum Work Requirements

Estimated Expenditure

Before Variation

6

21 Apr 2014

20 Apr 2015

1 Exploration Well

A$30,000,000

After Variation

6

21 Apr 2014

20 Apr 2015

Geotechnical Studies

A$150,000

MEO's CEO and MD Jürgen Hendrich commented on the announcement:

"Approval of these variation requests is welcomed as it provides additional time to refine our technical assessment of the plays within the permit areas."

Jürgen Hendrich


Managing Director & Chief Executive Officer

MEO Australia Limited 1 ASX & Media Release Vulcan Basin AC/P50 & AC/P51 Exploration Permits

AC/P50 & AC/P51 Participants

Entity

Equity

Vulcan Exploration Pty Ltd (wholly owned subsidiary of MEO Australia Limited)

100%*

* Under the terms of MEO's acquisition of the Permits, Red Rock Energy Pte Ltd has an option to acquire a 5% interest in each permit. Refer to MEO's ASX & Medial release dated 15th November 2010 for more information.

AC/P50 & AC/P51 Location Map:

PENGANA JABIRU

CASH MAPLE

DELAM ERE

CHALLIS

SWAN

CASSINI

PUFFIN

ECLIPSE

EAST SWAN A C / P 5 3

A C / P 5 0

SKUA

BIRCH

TALBOT

SWIFT NORTH SWALLOW

PADTHAWAY

BILYARA

A C / P 5 1

Leads

MONTARA LEEUWIN

MARET

TAHBILK

Ramble On

Prospect

CRUX (GAS)

CRUX

0 25

LIBRA

kilometers

MEO Australia Limited 2 ASX & Media Release
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