Yes, MEO's carried forward losses would able to be offset by ENI if they took MEO over.
The test that the ATO would apply is the "same business test" which is utilised as a means of determining whether carry forward loss can be used. Essentially ENI are in the same business same MEO (exploration and O&G monetisation).
check it out:
https://www.ato.gov.au/General/Losses/
