ASX ANN today which the market did not like!
Was down to low of 0.099!
MEO 0.11 -0.035 -24.14% high of 0.12 low of 0.099 4,473,259 shares $500,196 @ 12-Feb 10:15:12 AM
9:49 AM Zeus-1 Update
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00926625
ASX AND MEDIA RELEASE - Zeus-1 update
Key Points:
- Initial wireline formation evaluation tools have been run
- Two excellent quality Legendre sand intervals appear to be largely water bearing
- Formation pressures and sampling program underway to confirm fluid content
MELBOURNE, AUSTRALIA (February 12th, 2009) -- MEO Australia Limited (ASX: MEO) advises the following update in relation to Zeus-1 (MEO 35%, Operator), being drilled in WA-361-P in the Carnarvon Basin, offshore Western Australia.
Initial wireline formation evaluation tools have been run. Two excellent quality sand packages separated by an approximate 10m shale unit have been intersected over a 143m gross interval. This interval is interpreted to be the primary Legendre Sandstone target. Preliminary log analysis indicates these intervals are likely to be largely water bearing. However, there are anomalous intervals at the top of both intervals that warrant further investigation.
An MDT formation pressure and limited sampling program is proposed to confirm fluid content at the top of both sand intervals. In the event that gas is recovered from either of these intervals, the implication is that there may be substantial untested potential updip of the current well location.
Following the pressure testing and sampling program, the well will be plugged and abandoned as planned.
Present operation
Preparing to run formation pressure and limited sampling program.