Eni Opts Out of Heron Area in Timor Sea, Keeps 50% Stake in Blackwood Area

MEO Australia Limited disclosed Wednesday that Eni Australia Limited (Eni) has elected not to drill an additional well on the Heron structure and will therefore withdraw from the Heron Area of NT/P68, approximately 186 miles (300 kilometers) northwest of Darwin in the Timor Sea. As a consequence, MEO will regain a 100 percent Participating Interest in the Heron Area. Eni has also elected not to increase its Participating Interest in the Blackwood Area and has advised that it intends to retain a 50 percent Participating Interest. The Parties have agreed a process to negotiate certain amendments to the Blackwood Area agreements to define the basis of the Joint Venture’s future activities on Blackwood.

The proposed amendments include agreement on the scope and commencement of Blackwood Development Studies, as required by the NT/P68 Farm-in Agreement, to determine whether the resources contained in the Blackwood Area are commercial to develop. The Parties will also seek to agree a strategy for Blackwood Area permit management beyond the current Permit expiry April 26, 2015.

MEO’s CEO and MD Jürgen Hendrich, commented on the announcement:

“We are pleased to regain a 100 percent participating interest in what we consider to be substantial discovered and prospective resources at Heron. MEO looks forward to assuming Operatorship of the Heron Area, undertaking a resource assessment and determining a future direction for realising shareholder value from these resources.”


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