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MEO Australia Limited announces Seruway PSC - Gurame SE-1XST progress report no. 11

Monday, Nov 19, 2012

MEO Australia Limited (ASX: MEO; OTCQX: MEOAY) provides the following update in relation to Gurame SE-1XST being drilled in the Seruway PSC, offshore North Sumatra.

Since the last report, wireline logging operations were completed over the Baong sands. A 7" liner was run and cemented to 2,961mMDRT. At 0200 hrs (local time) this morning the rig was running in hole preparing to drill out of the 7" liner.

Logging results coupled with gas shows while drilling indicates the Baong sands are gas saturated. Image logs show the Baong sands to be finely laminated with significant fracturing. A dual packer MDT was run which confirmed the reservoir has matrix permeability. MEO has elected to production test the Baong sands to determine gas composition and reservoir productivity and has secured $10 million to fund this testing program (refer separate ASX release).

The forward program is to drill out of the 7" liner and into the second primary target, the Belumai sands, prior to production testing the Baong sands.

Source: MEO Australia Limited

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