Blackwood Well Option Extended By One Month to 4th Feb 2013
Melbourne, Dec 13, 2012 AEST (ABN Newswire) - MEO Australia Limited (
ASX:MEO) (OTCQX:MEOAY) 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."
Contact
MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au
| ||
|
