Multi-Billion Barrel Potential of Beehive Prospect

MEO Australia Limited (“MEO”) (ASX: MEO) advises that the seismic reprocessing and inversion study over the Beehive prospect in WA-488-P (MEO 100%) has now been completed, with very encouraging results. The seismic inversion results have reinforced the interim reprocessing results (see ASX announcement 14 April 2016) and have enhanced the understanding of the Beehive reservoir and seal units, providing additional confidence regarding the nature of the Beehive prospect.

Beehive is potentially a multi-billion barrel, dual objective, oil prone prospect in the Bonaparte Basin located in 40m water depth next to the producing Blacktip field. The Carboniferous age objective is a 180km2 isolated carbonate build up with 400m of mapped vertical relief, analogous to the giant Tengiz field in the Caspian Basin. This play type is new and undrilled in the Bonaparte Basin.

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