Petrofac Elects Not to Acquire Tassie Shoal Stake

MEO advised that Petrofac Energy Developments has elected not to exercise its option to acquire 5% interest in NT/P68 & Tassie Shoal Projects.

The option, which expired on June 30, 2011, was granted to Petrofac in October 2009. At this time Petrofac agreed to withdraw from the NT/P68 Permit and terminate the partially fulfilled farm-in agreement.

As a result of Petrofac's election, MEO has retained its undiluted interest in NT/P68 for which binding agreements were executed with Eni Australia Ltd (Eni) on May 17, 2011.

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