MEO Australia Ltd. and Malaysia-based Brooke Dockyard & Engineering Work Corp. have signed an agreement to form a consortium to identify and jointly bid on oil and gas exploration and development opportunities within Sarawak and the rest of Malaysia, a news release said.
Under the agreement, MEO will provide technical assistance and opportunity evaluation assistance to Brooke. In return Brooke will fund the evaluation activities and the exploration component of joint bids for successfully screened opportunities that meet the collective criteria of the partners, according to the release.
For the initial opportunity to be considered under the agreement, Brooke will have a 75% participating interest and MEO a 25% participating interest. The parties have also agreed to work together to develop and operate oil and gas prospects in Sarawak, Malaysia.
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