MEO Australia Limited is pleased to announce that MEO International Pty Ltd (MEO International), a wholly owned MEO subsidiary, closed a transaction to acquire all of the shares in South Madura Exploration Company which is the holder of a 30% participating interest in the South Madura PSC, onshore Madura Island, Indonesia, from Cooper Energy Limited. Consideration for the acquisition is US$0.5 million cash.
The South Madura PSC covers an area of 1,586 km2 and expires on 13th October 2013. Other participants in the PSC include AED South Madura B.V. (a subsidiary of AED Oil Ltd - 60%) and PT Eksindo South Madura (10%).
The acquisition reflects the strategy by MEO to expand its exploration portfolio into South East Asia through a low cost entry approach with a focus on proven hydrocarbon systems, where MEO considers it can add value.