Eni Commences Seismic Survey at Permit NT/P68

MEO has received notification from the permit operator, Eni Australia Ltd (Eni), that acquisition of the Bathurst 3D seismic data over the Blackwood East area of permit NT/P68 has commenced. The field acquisition program is expected to be complete within 50 days.

Under the terms of the Farm-in Agreement, Eni will pay MEO's share of the costs to acquire and process the 3D seismic survey and will have 365 days from completion of the acquisition to elect whether or not to exercise its option to drill, and pay 100 percent of the cost of the Blackwood-2 well in order to retain its 50 percent interest in the Blackwood gas discovery.

Eni has contracted the CGG Veritas seismic vessel, M/V Veritas Viking II to acquire the 698 km2 seismic survey (named the Bathurst 3D Seismic Survey).

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