ENI will most likely walk from Heron & Blackwood, leaving them unrestricted to take MEO over. Tassie Shoal concept too compelling cost wise for them not to take ownership of (remember WorleyParsons costing options estimated $2-4 Billion in project savings utilising the Tassie Shoals concept). Throw in MEO's carried forward tax losses of circa $250,000,000 and a number of strategic drilling opportunities as well as Heron/Blackwood (to progress at their own leisure free of payment obligations to MEO). Accounting for MEO's carried forward tax losses they may even pick MEO for nicks.
The above scenario has been on my mind for some time. Welcome constructive comments as to why the above outcome doesn't make sense.
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