Eni to Appraise Heron Discovery

MEO Australia Limited advised that Eni Australia Ltd (Eni) as operator of the NT/P68 exploration permit has confirmed that it will take over the ENSCO 109 (350' ILC) drilling rig on August 15 and after an anticipated 4 day tow the rig expects to arrive at the Heron South-1 location on or around the August 19.

Eni is undertaking the drilling of the Heron South-1 well in accordance with the previous farm-in agreement details. Heron South-1 is part of the work program Eni has agreed to complete in order to earn a 50 percent participating interest in the permit. Eni has sixty days after the well has been drilled to elect to either drill a second Heron well or withdraw from participation in the Heron area.

Under a separate provision of the farm-in agreement, Eni has the option to elect to earn 50 percent in the Blackwood gas discovery by carrying MEO's costs through the acquisition of a minimum of 193 square miles (500 square kilometers) of 3D seismic and drilling one well in the Blackwood area. Eni completed the 296 square miles (766 square kilometers) Bathurst 3D seismic survey on January 5, 2012 and has 365 days from this date to elect to drill a well on the Blackwood discovery or withdraw from participation in the Blackwood area of the permit.

MEO intends to provide the next status report once Heron South-1 commences drilling, expected to be several days after the Ensco 109 arrives on location.

"We are delighted that Heron South-1 will soon commence drilling. Since the Heron-2 well discovered gas in early 2008, MEO has been working towards appraisal of the discovery. We are very pleased to be partnering with Eni and look forward to a safe and successful drilling program," MEO's CEO and MD Jürgen Hendrich commented.


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