MEO set to exit Blackwood offshore Australia

Offshore staff

MELBOURNE, AustraliaMEO Australia (ASX: MEO) has opted to withdraw from the Blackwood gas discovery offshore northern Australia at no cost, transferring that area of the NT/P68 permit to Eni Australia.

The company says it will now focus its technical efforts on the offshore Heron Area where it has a 100% interest (subject to regulatory approvals).

MEO decided that the Blackwood Area 2C contingent resource was below the threshold it needed to support development of its Tassie Shoal Methanol project.

02/09/2015

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