MEO Australia Limited advises that MEO and Eni Australia Ltd (Eni) have mutually agreed to defer the election deadline for the Blackwood well by one month to 4th February 2013.
Under the Farm-in Agreement (FIA) dated 17th May 2011, Eni had a period of 365 days from the completion of the Blackwood 3D seismic survey to elect to drill a well in the Blackwood area. Eni will have eighteen months from the date of election to complete drilling of the well.
In the event Eni elects not to drill a well in the Blackwood area, MEO will regain 100% interest in the Blackwood area.
MEO’s CEO and MD Jürgen Hendrich commented on the announcement:
“The one-month extension to the Blackwood well election recognises the limited time between completing current drilling operations and the looming well election early in the new year. MEO views Blackwood as a completely different resource to Heron with potentially a different development path.”
[mappress] Press Release, December 13, 2012