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  • MEO Australian Gives Eni More Time To Decide On Second Heron Well 0 comments
    Feb 12, 2013 8:29 PM

    MEO Australian (ASX: MEO) has granted partner Eni Australia more time to make a decision on whether to drill a second Heron well or withdraw from the Heron Area offshore Northern Territory permit.

    The Italian major now has until 1 March 2013 to make its decision.

    Under the terms of the NT/P68 Farm-in Agreement, Eni originally had 60 days from the completion of the Heron South-1 well (14 December 2012) to decide on the second well or withdrawal.

    Eni had earlier this month exercised its option to drill an appraisal well in the Blackwood area of NT/P68 in the Timor Sea offshore Northern Territory.

    The well will evaluate the 2008 Blackwood gas discovery that intersected a 48 metre gross gas column.

    Blackwood-1 flowed dry gas with 25-30% carbon dioxide, similar to the composition at Evans Shoal that Eni holds a 32.5% stake in.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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