MEO Australia Gets Approval of NT/P68 Six Month Extension

MEO Australia Limited has got approval by the National Offshore Petroleum Titles Administrator (NOPTA) for a six month suspension and extension to the current Permit Year 5 of NT/P68.

“Permit Year 5 will now end on 26th October 2015, before which MEO will have the opportunity to renew NT/P68 for a further 5 years, subject to a 50 percent relinquishment and negotiation with the regulator of a suitable work program,” the company said in a statement Tuesday.

The company is in the process of withdrawing from the Blackwood gas discovery and retaining a 100 percent interest in the remainder of NT/P68, including the Heron gas discovery, with Eni bearing the costs of managing the division of the permit.

MEO’s MD and CEO Peter Stickland, commented: “This 6 month extension will enable MEO to undertake a more comprehensive assessment of Heron gas discovery and the remainder of NT/P68 before optimising an application to renew NT/P68 for a further 5 years.”