Eni, MEO Australia to Commence Drilling in Timor Sea
MEO Australia and operator Eni will begin drilling the Heron South-1 well in the Timor Sea on August 19.
Eni is undertaking the drilling of the Heron South-1 well as per the farm in agreement signed. Heron South-1 is part of the work program Eni has agreed to complete in order to earn a 50% participating interest in the permit. Eni has sixty days after the well has been drilled to elect to either drill a second Heron well or withdraw from participation in the Heron area.
Under a separate provision of the farm-in agreement, Eni has the option to elect to earn 50% in the Blackwood gas discovery by carrying MEO’s costs through the acquisition of a minimum of 500km2 of 3D seismic and drilling one well in the Blackwood area. Eni completed the 766 km2 Bathurst 3D seismic survey on the 5th January 2012 and has 365 days from this date to elect to drill a well on the Blackwood discovery or withdraw from participation in the Blackwood area of the permit. are just weeks from drilling the highly anticipated Heron South-1 well in the Timor Sea offshore Northern Territory that will appraise the Heron-2 gas discovery.