MEO Australia gets 6 months extension for NT/P68
- Business & Finance
MEO Australia Limited (MEO) said 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.
As it has been reported in February, the company is in the process of withdrawing from the Blackwood gas discovery and retaining a 100% interest in the remainder of NT/P68, including the Heron gas discovery, with Eni bearing the costs of managing the division of the Permit. The company explained then that the decision to withdraw was made after assessing that the Blackwood Area 2C Contingent Resource is below the threshold size required to support development of the Tassie Shoal Methanol Project.
According to yesterday’s press release, Permit Year 5 will now end on October 26, 2015, before which MEO will have the opportunity to renew NT/P68 for a further 5 years, subject to a 50% relinquishment and negotiation with the regulator of a suitable work program.
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 optimising an application to renew NT/P68 for a further 5 years.”