MEO Australia Limited revealed Monday that four substantial companies have engaged in a farmout process for the Beehive prospect and are actively reviewing the technical data for WA-488-P.
MEO is currently trying to secure funding partners to progress the technical assessment of, and ultimately drill, the Beehive prospect offshore Australia. The company is seeking responses from the potential farm-in partners by the end of October, however timing remains subject to ongoing market conditions and the addition of any new parties to the process.
“In the current environment it is encouraging that four companies have actively engaged in the farm-out process so far,” said MEO Managing Director and CEO Peter Stickland.
“MEO’s ambition is to bring parties into the WA-488-P joint venture to fund the advancement and ultimately drilling of Beehive. Doing so would not only secure an exciting drilling opportunity for MEO shareholders, but enable MEO to focus its resources on its Cuba opportunities where it is the only ASX listed company with exposure to the Cuban oil and gas industry,” he added.
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