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

As previously reported, MEO is in process of withdrawing from the Blackwood gas discovery and retaining a 100% interest in the remainder of NT/P68, including the Heron gas discovery, with Eni bearing the costs of managing the division of the Permit.

Permit Year 5 will now end on 26 October 2015, before which MEO will have the opportunity to renew NT/P68 for a further 5 years, subject to a 50% relinquishment and negotiation with the regulator of a suitable work program.

MEO's MD and CEO Peter Stickland, commented on the announcement,'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.'

Tags: MEO Australia Limited