MEO in talks with Heron partner, MEO Australia

Release Date: 2011-03-15

MEO Australia has accepted a conditional offer from its preferred partner for a farm-in for the NT/P68 permit in the Bonaparte basin, off the Northern Territory.
The company said it had offered up to 50% equity in the 5900 square kilometre permit, including the Heron discovery which is estimated to contain mean prospective resources of 5 trillion cubic feet of recoverable gas.

However, it added that it would retain a 100% interest in the Blackwood gas discovery.

Under the conditions of the offer MEO said the identity of the farminee and the details of the agreement had to remain confidential until binding agreements had been executed.

While it was confident of the transaction being completed, the company said could not give a timeframe for the deal or a guarantee that it would even be finalised.
Type: NORMAL
Company: MEO Australia
Country: Australia
Url: http://www.upstreamonline.com/live/article248462.ece
 
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