MEO Australia said it was giving up its 65% stake in an exploration block in Australia’s Northern Territory after seismic data failed to validate a geological play concept.
The company farmed into permit NT/P79, located in the Joseph Bonaparte Gulf offshore northern Australia, in December last year.
Under the farm-in deal, MEO agreed to pay permit holder Finder Exploration A$200,000 (US$179,530) for a 65% interest and operatorship.
