MEO Australia Limited advises that Petrofac Energy Developments (“Petrofac”) has elected not to exercise its option to acquire 5% interest in NT/P68 & Tassie Shoal Projects.
The option, which expired on 30th June 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. Further information regarding the option was provided in MEO’s 19th October 2009 ASX and Media Release which is available at www.meoaustralia.com.au.
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 17 th May 2011. Further information regarding the farm-out to Eni was provided in MEO’s 18th May 2011 ASX and Media Release.
Source: MEO Australia, July 1, 2011; Image: