Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

MEO Australia, Eni Agree On One Month Extension To Blackwood Well Decision

MEO Australia (ASX: MEO) and Eni Australia have agreed to defer the election deadline for the Blackwood well in the Bonaparte Basin by one month to 4 February 2013.

"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," managing director Jürgen Hendrich said.

"MEO views Blackwood as a completely different resource to Heron with potentially a different development path."

Eni has 18 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.

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.