MEO 0.00% 0.0¢ meo australia limited

dow jones

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    0312 GMT [Dow Jones] MEO Australia (MEO.AU) surges to 40.5 cents before easing, last up
    34% at 37.5 cents on heavy trading of 18.0 million shares. Rally follows news MEO
    completed Blackwood-1 well, Timor Sea, to total depth with initial log interpretation
    indicating combined 98 meters of gross gas saturated interval over two sandstone
    formations, compared with pre-drilling best-guess of around 57 meters. MEO acquiring
    further data from well, expects testing to start later today. Rally something of a modest
    balm for longer-term investors in MEO who saw value of their stake slashed by more than
    90% at worst last month when nearby Heron-2 well disappointed.
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