Australia: Petrofac Decides Not to Exercise NT/P68 Option
MEO Australia Limited announced that Petrofac Energy Developments 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.
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 on 17th May 2011.
Source: MEO, July 1, 2011;