Sydney: MEO Australia has said that the Thailand Department of Mineral Fuels, Ministry of Energy has formally approved the transfer of a 50% participating interest in the Gulf of Thailand G2/48 concession from Pearl Oil Offshore, an affiliate of Mubadala Petroleum (Mubadala), to Rayong Offshore Exploration, a wholly owned subsidiary of MEO. Operatorship of the concession remains with Mubadala.
The G2/48 exploration concession covers 9,449 sq km in shallow waters of the Gulf of Thailand.
The joint venture is well advanced in drilling preparations with Anchan-1 scheduled to commence on or about 11 Novemberand Sainampueng-1 approximately 19 November. MEO's CEO and MD Jürgen Hendrich commented on the announcement: "These regulatory approvals represent the final step in completing this transaction. We are pleased to be partnering with Mubadala Petroleum, a very experienced Gulf of Thailand operator.” [05/11/12]