Eni withdraws from Heron (Australia)

MEO Australia Limited has advised that Eni Australia Limited has elected not to drill an additional well on the Heron structure and will therefore withdraw from the Heron Area of NT/P68, offshore Australia. 

As a consequence, MEO will regain a 100% Participating Interest in the Heron Area. MEO says that Eni has also elected not to increase its Participating Interest in the Blackwood Area and has informed that it intends to retain a 50% Participating Interest. According to MEO, the companies 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 beginning 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 companies will also seek to agree a strategy for Blackwood Area permit management beyond the current Permit expiry on 26th April 2015.

MEO’s CEO and MD Jürgen Hendrich, commented on the announcement: “We are pleased to regain a 100% 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.”

Press Release

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply