Prior to taking up the spp i contacted meo and was advised the...

Prior to taking up the spp i contacted meo and was advised the eni blackwood workshops had gone very well and that more were planned. Thats right more are planned. Why? Because eni already have 50% of blackwood and are only electing to INCREASE their blackwood holding to 75%. That is, eni cannot walk as they do not have to give back their 50% of blackwood as it is already their. Heron is a different matter. That is, no second eni well then all of heron goes back to meo. Either way you can forget about any take over by eni as jv preconditions which will remain in place do not allow eni to make a take over offer. So we are in bed with eni on blackwood for the long term. If eni does or does not elect to increase blackwood stake, eni must spend more money on blackwwod re further development studies. That is why last quarterly states PRELIM meeting with eni last quarter........

Wiyh regards to heron, my guess is that eni will not walk. $125m is a lot to walk away from based on one well when there were several alternate drill sites.....

No eni takeover means eni will be desperate for ts to get off the ground as the other options are frankly a joke with capex required just way too high to earn a reasonable roi as the majors would be better off keeping your money in the bank.

Putting all the waffle posted in the last week to one side, the hongfu fund arrangement is a major win for meo as meo equity share financinf for ts squared away.

All is answered re blackwood by a previous iam post - thanks iam.


http://hotcopper.com.au/post_single.asp?fid=1&tid=1938630&msgid=11332996

Adl