Good Oil Conference September, 2012
Disclaimer Compliance Disclaimer This presentation includes certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward-looking statements. These factors include, among other things, commercial and other risks associated with estimation of potential hydrocarbon resources, the meeting of objectives and other investment considerations, as well as other matters not yet known to the Company or not currently considered material by the Company. MEO Australia accepts no responsibility to update any person regarding any error or omission or change in the information in this presentation or any other information made available to a person or any obligation to furnish the person with further information. MEO Australia Limited 2
Corporate snapshot ASX & OTCQX listed, SE Asian focus General Ticker symbols (ASX / OTC) MEO MEOAY HQ Melbourne, Australia Share Price (ASX: MEO) (31 Aug) A $0.20 • Jakarta branch office SE Asian portfolio Issued shares (million) 539.9 • 7 upstream projects (6 offshore) Issued options ($0.50 ex) (million) 18.9 • 3 infrastructure projects (Tassie Shoal) • Market Capitalisation (million) A $108 With environmental approvals Core strengths Cash & Cash Equivalents (30-Jun) A $55 • High calibre new venture capability Enterprise value (million) A $53 • Track record of high value transactions Daily liquidity (3 mth avg) (million) 2.2 Top shareholders (31 August 2012) ~9,435 shareholders 30.0% held by top 20 ASX:MEO 6.25% Raydale Holdings Pty Ltd 4.89% HSBC Custody Nominees (Australia) Limited 4.75% Bentley Capital Limited (LIC – ASX: BEL) 2.34% Merrill Lynch (Australia) Nominees Pty Ltd S&P/ASX 200 Broker Valuations Target Price Wilson HTM 9 August 2012 $0.38 Octa Phillip 3 August 2012 $0.54 Fox-Davies 29 February 2012 $0.60 MEO Australia Limited 3
Expanded exploration portfolio Multiple opportunities for value creation 20,000 10 Permits/PSCs 9 18,000 16,000 Gulf of Thailand (G2/48) 14,000 North Sumatra 12,000 (Seruway PSC) Net Area(km 2 ) South Madura PSC 5 10,000 4 Permits Bonaparte Gulf 8,000 (WA-454-P) 3 6,000 Ashmore/Cartier (Vulcan Sub-basin)) 4,000 Carnarvon 1 Permit 2,000 Heron/Blackwood (NT/P68) 0 2007 2008 2009 2010 2011 2012 MEO Australia Limited 4
Building a portfolio by generating optionality Multiple opportunities to recover invested capital Monetisation Opportunities Aiming for early capital recovery Cash Farm- Partial Partial Flow Sale Out ? Sale Identify & Secure Enhance Test Appraise Develop Screen Acreage Prospectivity Prospectivity Resource Use: Via: By: By: By: For: • Knowledge • Award • Acquiring • Drilling • Drilling • Cash • Experience • Acquisition • Logging • Testing Seismic Flow • Skills • Farmin • Interpreting • Testing • Evaluating • Data • Evaluating Abandon Relinquish Relinquish Continually high grade ? ? Discipline to terminate MEO Australia Limited 5
2012 Drilling Activities Three wells drilling before year end Sainampueng -1 (MEO 50%, 10-27 MMstb) Gurame SE-1X (MEO 100%, 500 Bcf) North Sumatra Gulf of Thailand East Java Heron South -1 (MEO 50%, 5 Tcf) North West Shelf Bonaparte Basin MEO Australia Limited 6
Heron South-1: Spudded 24 th August Targeting 5 Tcf potential LNG scale resource Blackwood-1 Heron-1 • MEO 50%, Eni operator Heron-2 Heron South-1 • Heron South-1 spudded 24 th August Sea Floor Pliocene • Potential 5 Tcf mean prospective gas Blackwood Miocene Blackwood East resource Heron Cretaceous Heron South MEO Heron Prospective Resource Assessment Line of Cross Section Vee Formation Ultimate Recovery Low Best High Raw Gas (Tcf ) 3.66 4.96 6.64 Wangarlu Formation • Recent transactions Blackwood − >$200m 50% Heron/Blackwood Elang/Plover Heron North Heron − $350m 40% Evans Shoal Formation South − $520m 49.5% Barossa/Caldita Elang/Plover Formation 2 month drilling program Regional Transaction Comparison Transaction + Buyer Equity consideration US$m/% + Assumes all options in Evans Shoal Eni 40% $350m $8.75 transactions are exercised Barossa/Caldita SK E&S 49.5% $520m* $10.5 * Includes FEED costs of US$90m MEO Australia Limited 7
Gurame SE-1X drilling October-2012 + Offshore North Sumatra - Seruway PSC (MEO 100%) • Gurame SE-1X ExxonMobil Arun − Secured rig: Hercules #208 LNG Plant TERIPANG Gurame discovery LNG Plant − Commence approx. early Oct. − 35 day drilling program untested Ibu High • Designed to appraise oil and (MEO 100%) ARUN Cluster GURAME GURAME gas field initially discovered in LEMURU 1968 Juaro • Technical studies indicate oil Prospect and gas in two reservoirs SALEM SALEM − 51-109 mmbbls* • Gurame SE-1X testing gas cap − 0.5 - 0.9 Tcf low CO 2 gas − close to established markets and infrastructure KUALA LANGSA 0 25.00 − Pressure gradients to constrain kilometers gas-oil contact in two horizons Gross prospective resources (MEO estimates) Gas in Place (raw – bcf) Recov. sales gas (bcf) Oil in place (MMstb) Recov. oil (MMstb) P90 P50 P10 P90 P50 P10 P90 P50 P10 P90 P50 P10 Total 551 971 1,625 273 498 863 188 350 692 24 51 109 * MEO estimates, classified as prospective recoverable resources (P50-P10) MEO Australia Limited 8 + subject to rig schedule
Gurame SE-1X: October-2012 + Targeting 500 Bcf gas up dip of recovered oil Proposed Gurame SE-1X 2.5 km 5.6 km 2.7 km Oil resource will be P(50) Mid Baong Depth Structure Map ONS-A5 ONS-A2 ONS-A3 significantly larger if Mid Baong Line of Section oil encountered in NW Proposed mTVDss Gurame SE-1x. Fluid Type 2500 A5 Gurame SE-1X A2 Known Gas 2600 NE Potential Gas LKG -2697m (A5) P(50) GOC HKO -2724m (A2) 2700 FIT 1 FIT 2 Known Oil LKO -2777m (1X) 2800 P(50) OWC Belumai Potential Oil 2900 Seruway PSC Boundary Known Water LKG -3003m (A5) HKO -3012m (A4) P(50) GOC 3000 DST-1 FIT 5 LKO -3038m (A2) Potential Water P(50) OWC SW A3 Coastline SE Approx. LCC -3150m SW NE NW SE Proposed Well Path Expect natural Keutapang reservoirs fractures on crest of rollover Keutapang reservoirs Baong shale Baong shale Mid Baong sands Mid Baong sands Mid Baong sands Belumai sands Belumai carbonates Belumai sands Belumai carbonates Lwr Baong shale + subject to rig schedule MEO Australia Limited 9
Gurame SE-1X location Targeting gas in optimal location to achieve commercial flow rates A-2 Idi North G-1X A-1 Gurame SE-1X Gurame SE-1X targets: (proj.) (proj.) (proj.) (proj.) (proposed) • natural fractures • gas cap of proven structure • updip of known oil, • within structural closure HKO -2724m (A2) Gurame SE-1X LKO -2777m (1X) (proposed) HKO -3012m (A4) LKO -3038m (A2) fold hinge • Natural fractures occur along fold hinge • Previous wells intersected oil away from fracture zones • Most regional wells do not reach Baong reservoir LKO = blue plane MEO Australia Limited 10
Gulf of Thailand G2/48 (MEO 50%) Sainampueng-1 drilling November BANGKOK Bangkok THAILAND THAILAND Rayong 3D Seismic Survey 450 km 2 (4Q’11) Hua Hin Basin Manora development with planned production CAMBODIA CAMBODIA expected in early MYANMAR 2014 of approximately G 2 / 4 8 G 2 / 4 8 G 2 / 4 8 MANORA G 2 / 4 8 G 2 / 4 8 G 2 / 4 8 G 2 / 4 8 G 2 / 4 8 G 2 / 4 8 Phnom Penh 15,000 bopd. Rayong PHNOM PENH Source: Mubadala Petroleum Kra Basin Basin JASMINE MYANMAR Western Basin Patani GULF OF THAILAND Basin Jasmine oil BUALUANG production platform and FSO has produced more than 40 million barrels Malay Source: Mubadala Petroleum Chumpon Basin Basin 0 100.0 kilometers + subject to rig availability MEO Australia Limited 11
G2/48 Prospects and Leads ~50 MMstb mean prospective resource* potential in top five targets • Sainampueng-1 targeted to evaluate thick prospective section and oil prone source rocks • Prospective resource range 10 MMstb to 27MMstb (mean to P10) • 23 prospects and leads in multiple play types at a number of target levels • Estimated 100+ MMstb mean prospective resource* potential • Larger identified prospects provide significant follow-up potential Pudnabad Sainampueng-1 A B Prospect location Sainampueng Strong Lead Concession Boundary NW B Lead A Sainampueng Krissana A Prospective Interval Pikul Kalong A Pudsorn Lower Krongthong Miocene Basement Krathin Malulee Kosum A MEO Australia Limited 12 * Unrisked recoverable oil
Near term farmout opportunities Three project areas with new data under evaluation Ibu Horst Exploration North Sumatra Gulf of Thailand East Java Vulcan Exploration WA-454-P Exploration North West Shelf Bonaparte Basin MEO Australia Limited 13
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