Petrofac skips option on NT/P68 off Australia

MEO Australia Ltd. says Petrofac Energy Developments will not exercise its option to acquire 5% interest in NT/P68 and Tassie Shoal.

Offshore staff

MELBOURNE, Australia – MEO Australia Ltd. says Petrofac Energy Developments will not exercise its option to acquire 5% interest in NT/P68 and Tassie Shoal.

As a result, MEO retains its undiluted interest in NT/P68.

MEO operates the approximately 6,000 sq km (2,317 sq mi) permit in Bonaparte basin. The permit is close to other discovered gas fields approximately 300 km (186 mi) from Darwin and contains two gas discoveries - Heron and Blackwood. Heron-2 intersected more than 200 m (656 ft) of gross gas column in the Plover sands of the Heron North structure.

Tassie Shoal is an area of shallow water in the Timor Sea some 275 km (171 mi) northwest of Darwin. The shoal is central to seven undeveloped gas fields within a 150 km (93 mi) radius. MEO is proposing to use Tassie Shoal as a regional development hub and has secured environmental approvals to locate two 1.75 Mtpa methanol plants and a single 3 Mtpa LNG plant on the shoal.

07/01/2011

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