Melbourne, Australia, Feb 4, 2013 - (ABN Newswire) - MEO Australia Limited (ASX:MEO.AX - News) (OTCQX:MEOAY - News) advises that Eni Australia Ltd (Eni), operator of exploration permit NT/P68, has provided notice under the NT/P68 Farm-in Agreement (FIA) dated 17th May 2011 that it will proceed with the drilling of a well in the Blackwood area of the permit.
The well will evaluate the 2008 Blackwood gas discovery.
MEO has a 50% participating interest in the well which will be 100% funded by Eni including production testing. Eni has eighteen months from the date of election to drill the well.
MEO's CEO and MD Jürgen Hendrich commented on the announcement:
"The election by Eni to commit to evaluating the Blackwood gas discovery is a key milestone in the context of the Farm-in Agreement and the potential for the Blackwood resource to underpin a commercial development."
About MEO Australia Limited:
MEO Australia Ltd (ASX:MEO.AX - News) (OTCQX:MEOAY - News) is an ASX listed, independent oil and gas company focused on building a substantial Australian and international E&P business servicing the rapidly growing Asian energy markets.
The Company has assembled a portfolio of exploration, appraisal and development stage opportunities on the NW Shelf, the Ashmore Cartier and the Timor Sea regions in Australia, offshore North Sumatra, and on Madura Island, East Java in Indonesia and the Gulf of Thailand.
MEO has also attracted a high calibre Board of Directors and proven Executive, Technical and Commercial talent with a demonstrated track record of attracting and partnering with globally recognised industry participants.
MEO Australia is listed on the Australian Stock Exchange (ASX: MEO, OTC: MEOAY) and is headquartered in Melbourne, Australia.
MEO Australia Limited T: +61-3-8625-6000 F: +61-3-9614-0660 E: email@example.com WWW: www.meoaustralia.com.au
MEO Australia Limited
Copyright (C) 2013 ABN Newswire. All rights reserved.