the delay to blackwood hasn't been posted about much...a good...

the delay to blackwood hasn't been posted about much...

a good look?? eni and meo do not agree on blackwood as stated at the AGM. are eni of the view that heron and blackwood overlap? from eni's perspective, if heron doesn't flow then why would blackwood given the much thinner reservoir...

problem is that eni own the new 3d so eni are under no obligation to release the new 3d prior to 5 Feb. even if a decision is made on 5 feb to farm into blackwood are the chances of a firm drill plan and rig slot in apr 2013 for blackwood appear remote? no need to for eni to made a decision re heron until mid-Feb...

so where will the next piece of good new flow come from. it has to be the 454 farm out but this may not be until apr according to agm preso... there was was some word about 454 farmout being completed early in 2013 but if eni the player why the hurry.

you see if eni walk from blackwood and heron then all previous deals are off. which mean eni can make a t/o bid for meo and pick up blackwood, heron, 454 and the TS crown all for a hell of a lot less than farming into these deals. meo heavily exposed right now and eni holding all the cards. imho, watch this space... if you were eni what would you do...

adl