By Sarah Byrne

MEO AUSTRALIA has acquired a 100 per cent interest in the Heron area of NT/P68 as a result of Eni Australia withdrawing from the area.

Eni’s decision to not drill an additional well on the Heron structure led to the company’s departure

The company refused to comment on the decision when contacted by Oil & Gas Australia.

MEO chief executive Jürgen Henrich said his company was pleased to regain a 100 per cent interest in Heron, whcih he said contained “substantial discovered and prospective resources.”

“MEO looks forward to assuming operatorship of the Heron Area, understanding a resource assessment and determining a future direction for realising shareholder value from these resources,”

MEO also said that Eni would not increase its interest in the neighbouring Blackwood Area, but would retain its existing 50% stake.

Both parties are set to negotiate amendments to the Blackwood area agreements to define the basis of the joint venture’s future activities, including development studies to determine the possibility of commercial development of the resources in the area.

With the current permit to expire in April, MEO and Eni are looking to outline a new management strategy.