Gulf Oil and Gas accountACCOUNT

NT/P68 Farmin Agreement Notices Received

Source: www.gulfoilandgas.com 10/29/2014, Location: Not categorized

MEO Australia Limited advises that Eni Australia Limited (Eni) has elected not to drill an additional well on the Heron structure and will therefore withdraw from the Heron Area of NT/P68.

As a consequence, MEO will regain a 100% Participating Interest in the Heron Area. Eni has also elected not to increase its Participating Interest in the Blackwood Area and has advised that it intends to retain a 50% Participating Interest. The Parties have agreed a process to negotiate certain amendments to the Blackwood Area agreements to define the basis of the Joint Venture’s future activities on Blackwood.

The proposed amendments include agreement on the scope and commencement of Blackwood Development Studies, as required by the NT/P68 Farm-in Agreement, to determine whether the resources contained in the Blackwood Area are commercial to develop. The Parties will also seek to agree a strategy for Blackwood Area permit management beyond the current Permit expiry on 26th April 2015.

MEO’s CEO and MD Jürgen Hendrich, commented on the announcement:
“We are pleased to regain a 100% participating interest in what we consider to be substantial discovered and prospective resources at Heron. MEO looks forward to assuming Operatorship of the Heron Area, undertaking a resource assessment and determining a future direction for realising shareholder value from these resources.”

Acquisitions and Divestitures News in Australia >>

United Kingdom >>  6/5/2020 - Highlights
- Amended terms for the acquisition of the Andrew Area and Shearwater assets (together, the “BP Acquisitions”) agreed in principle
Nigeria >>  6/4/2020 - Canadian Overseas Petroleum Limited, an international oil and gas exploration and development company focused on offshore Africa is pleased to announc...

Australia >>  6/3/2020 - Shell plc is considering a sale of a 26.25% interest in the Queensland Curtis LNG (QCLNG) Common Facilities – a multibillion dollar investment opportu...
Australia >>  6/1/2020 - Oilex Ltd and Armour Energy Limited have agreed that the date for the satisfaction of the conditions precedent for the proposed sale of all of its int...

Brazil >>  6/1/2020 - Petrobras, following up on the release disclosed on 05/04/2020, announces the beginning of the non-binding phase regarding the sale of its stake (35...
Brazil >>  6/1/2020 - Petrobras has started the opportunity disclosure stage (teaser), regarding the sale of a part of its interest in the exploratory blocks belonging to t...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Australia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.