The lack of viable farm-in agreement, which MEO attributes to the short time frame of the process and the limited technical maturity of the prospect, saw partner and operator of the concession Mubadala Petroleum exit it on Monday.

The companies each held a 50% share in the concession, MEO through its wholly owned subsidiary Rayong Offshore Exploration and Mubdala through its wholly owned MP G1.

In light of the decision, MEO has submitted a work program variation application to Thailand's Department of Mineral Fuels in a bid to extend permit well obligations to 2015.

In the event that the application is granted, MEO will assume operatorship and secure 100% participating interest in the concession. If it is not, MEO will be deemed to have exited the concession, backdated to January 6.