MEO Australia Receives Regulatory Approval for Transfer of South Madura PSC Interest
MEO Australia announced this week that the Government of Indonesia, through the Director General of Oil and Gas, has approved the transfer of all of AED South Madura BV's 60% participating interest in the South Madura PSC to South Madura Exploration Company Ltd. (SMEC), a wholly owned subsidiary of MEO.
The South Madura PSC is located onshore Madura Island, Indonesia and covers an area of 1,586 km2.
Commenting on the news, Jurgen Hendrich, CEO for MEO Australia stated: "We are very pleased to have obtained the necessary approvals to complete this transaction. MEO has sought an entry to this PSC for several years and how has a 90% participating interest, consistent with our strategy of acquiring high equity positions in prospective permits and adding technical value ahead of seeking a partner to fund drilling. We will now work with the regulator to submit a preliminary work program and budget for the 2013 exploration period.