MEO 0.00% 0.0¢ meo australia limited

weekly report no 5

  1. 3,559 Posts.
    Key Points:
    • Drilled 12¼ inch hole to a total depth of 3286m
    • Well encountered elevated gas readings in Flamingo and Plover sands
    • First logs confirm gas saturation with neutron density crossover
    • Total gross hydrocarbon column of 126m over two sandstone units
    MELBOURNE, AUSTRALIA (March 3, 2008) -- MEO Australia Limited (ASX: MEO)
    submits this drilling report for the period ending 1000 hours March 3, 2008. Blackwood-1
    was spudded at 1830 hours (ACST) on February 1, 2008 in Exploration Permit NT/P68.
    The rig has completed drilling the 12¼ inch hole to a total depth of 3286m. The well has
    encountered elevated gas readings in the interpreted Flamingo and Plover sandstone units.
    The mud gas sampling recorded no carbon dioxide (CO2) while drilling the gas saturated
    zones, suggesting the gas should not be high in CO2. Gas quality will be confirmed by MDT
    (Modular Dynamics Testing) down-hole sampling and subsequent analysis.
    The rig is currently acquiring a full spread of logging data, including image and side wall core
    samples. MDT testing will be undertaken later today to recover pore pressure data and gas
    Initial log interpretation indicates a total gross hydrocarbon column of 126m comprising of an
    upper Flamingo gross sand unit between 3136mMD to 3149mMD (13m) and a lower Plover
    gross sand unit between 3177mMD to 3262mMD: GWC (85m) resulting in a combined 98m
    of gross gas saturated sand interval. This column is considerably in excess of the anticipated
    most likely ‘mid case’ pre-drill estimate of 57m.
    Data acquisition and interpretation is ongoing and subsequent releases detailing the
    significance of the Blackwood-1 drilling results will be made in due course.
    Blackwood-1 is being drilled by Seadrill’s West Atlas jack-up rig. The Blackwood-1 wildcat
    well is being 100% funded as a sole risk exclusive operation by MEO. The well is designed
    as a vertical well to penetrate, log and recover hydrocarbon samples in the Plover Formation
    of the Blackwood structure.
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