NOPTA Grants 6 Month Extension for Permit NT/P68 in Timor Sea
MEO Australia Limited disclosed Tuesday that the National Offshore Petroleum Titles Administrator (NOPTA) has approved a six month suspension and extension to the current Permit Year 5 of NT/P68 in the Timor Sea offshore Australia.
As previously reported, MEO is in the process of withdrawing from the Blackwood gas discovery and retaining a 100 percent interest in the remainder of NT/P68, including the Heron gas discovery, with Eni bearing the costs of managing the division of the Permit.
Permit Year 5 will now end Oct. 26, before which MEO will have the opportunity to renew NT/P68 for a further 5 years, subject to a 50 percent relinquishment and negotiation with the regulator of a suitable work program.
Revised NT/P68 Work Program (100% Joint Venture Share)
- Year 5
- Start Date: April 27, 2014; End Date: Oct. 26
- Minimum Work Requirements: Engineering Studies; Geotechnical Studies, including a technical evaluation of the permit
- Indicative Expenditure: $439,065 (AUD 550,000)
MEO’s MD and CEO Peter Stickland, commented on the announcement:
“This 6 month extension will enable MEO to undertake a more comprehensive assessment of Heron gas discovery and the remainder of NT/P68 before optimizing an application to renew NT/P68 for a further 5 years.”
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