Offshore staff

MELBOURNE, Australia -- Eni Australia Ltd, as operator of the NT/P68 exploration permit in the Timor Sea, has confirmed that it expects to take over the ENSCO 109 drilling rig on Aug.15, and after an anticipated four-day tow the rig expects to arrive at the Heron South-1 around Aug. 19.

Heron South-1 is part of the work program Eni has agreed to complete to earn a 50% participating interest in the permit. Eni has 60 days after the well has been drilled to elect to either drill a second Heron well or withdraw from participation.

Under a separate provision of the farm-in agreement, Eni has the option to earn 50% in the Blackwood gas discovery by carrying MEO’s costs through the acquisition of a minimum of 500 sq km (193 sq mi) of 3D seismic and drilling one well in the Blackwood area. Eni completed the 766 sq km (296 sq mi) Bathurst 3D seismic survey early this year, and has a year to elect to drill a well on the Blackwood discovery or withdraw from participation.

8/06/2012