Mar. 2013 - Eni, operator of Australian permit NT/P68, needs to make a decision on whether or not to drill a second well on the Heron gas field off northern Australia. Under the farm-in agreement, Eni had 60 days from the completion of Heron-2 to commit to the next well in the program. MEO pushed the original date, Feb. 13, 2013, back to March 1. The deadline has again been postponed to March 22. Discussions are underway for a more substantial deferral to allow for additional studies to be completed by the partners.

Aug. 2012 - Eni Australia has confirmed that it will take over the ENSCO 109 (350' ILC) jackup on August 15, and after an anticipated four-day tow, the operator expects the rig to arrive at the Heron South-1 location on or around August 19. The operator will then appraise the find, which is part of the work program Eni has agreed to complete in order to earn a 50 percent participating interest in the permit. Eni has 60 days after the well to elect to either drill a second Heron well or withdraw from participation in the Heron area.

Apr. 2012 - Eni is preparing to drill the new Heron well - Heron South-1 - in permit NT/P68. The ENSCO 109 (350' ILC) jackup is scheduled to arrive between mid-July and mid-August. Heron is located in NT/P68 permit in the Bonaparte Basin offshore Australia.

Jan. 2012 - Eni will use the jackup ESNCO 109 (350' ILC) to drill the Heron-3 appraisal well. The vessel is expected to arrive late in second quarter 2012 with drilling to occur during the third quarter. Heron is located in NT/P68 permit in the Bonaparte Basin offshore Australia.

Oct. 2011 - ENSCO has received a drilling contract for the Eni-operated Heron project in the Timor Sea, partner MEO Australia reported. Ensco will provide its ENSCO 109 jackup to support the Heron-3 drilling campaign in NT/P68 in the Bonaparte Basin, offshore Northern Territory. Eni has contracted to receive one 70-day slot in order to drill Heron-3. Heron-3 is the first of a two-well farm-in by Eni to the Heron gas discovery pursuant to a farm-in agreement under which Eni will gain a 50% stake in the discovery and surrounding area, by funding the drilling of Heron-3 and Heron-4. Drilling is expected to commence in early March 2012. The operator also has an option to acquire a 50% interest in the Blackwood gas discovery by funding a 3D seismic survey, over a minimum of 123,553 acres (500 square kilometers), and the drilling of one well.

Jul. 2011 - Eni begins required technical work needed to drill the Heron-3 well and is in the process of securing a suitable rig and obtaining the necessary regulatory approvals to drill the well. The 1.4 million acre (6,000 square kilometer) NT/P68 permit lies in the Bonaparte Basin. Eni operates the permit with a 50% interest.

Jul. 2011 - MEO Australia Limited announced that Petrofac Energy Developments has elected not to exercise its option to acquire a 5% interest in NT/P68 & Tassie Shoal Projects. The option, which expired on June 30, 2011, was granted to Petrofac in October 2009. Petrofac withdrew from the permit and terminated the partially fulfilled farm-in agreement. As a result, MEO has retained its undiluted interest in NT/P68 for which contractual agreements were executed with Eni on May 17, 2011. The 1.4 million acre (6,000 square kilometer) NT/P68 permit lies in the Bonaparte Basin and contains two gas discoveries – Heron and Blackwood. Eni operates the permit with a 50% interest.

May. 2011 - Eni has signed an agreement with MEO Australia Limited to farm-in to the Heron and Blackwood gas discoveries in the NT/P68 permit in the Timor Sea, northern Australia. Under the agreement, Eni will earn a 50% operating interest in the Heron gas discovery by funding the drilling of two wells in the Heron Area. Eni may withdraw from the agreement after the first well has been drilled. Eni also has the option to earn a 50% interest in the Blackwood gas discovery by acquiring a minimum of 123,553 acres (500 square kilometers) of 3D seismic and by drilling one well in the Blackwood area. The company also has a further option to acquire an additional 25% interest in the discoveries by funding the work program required to reach a final investment decision (FID) in either Heron or Blackwood, or both. Once completed, Eni would make a one off bonus payment to MEO.

Mar. 2011 - MEO Australia Limited has accepted a conditional offer from a company to farm-in to permit NT/P68 in the Bonaparte Basin, Northern Territory. Negotiations are underway to convert the offer into binding agreements which are subject to governmental approvals. MEO currently owns 100% interest in the 1 million acre (5,900-square kilometer) exploration permit, which is in its first year of the three-year firm work program that requires acquisition of 3D seismic and other studies. The farm-out pertains to the area containing the Heron gas discovery and other prospectivity. The company has offered up to 50% equity in the permit including the Heron gas discovery which is estimated by MEO to contain mean prospective resources of 5 Tcf of recoverable gas. MEO will retain the Blackwood gas discovery at 100% interest.

Oct. 2010 - MEO Australia is seeking to farm-out a portion of the NT/P68 permit in the Bonaparte Basin, Northern Territory. MEO currently owns 100% interest in the 1 million acre (5,900-square kilometer) exploration permit, which is in its first year of the three-year firm work program that requires acquisition of 3D seismic and other studies. The farm-out pertains to the area containing the Heron gas discovery and other prospectivity. MEO alleges the potential resources could host an LNG gas development. The Heron-2 well was drilled into the Heron North structure in 2007/2008, but operational difficulties caused drilling to cease prematurely, without encountering a gas/water contact. There is potential that the interpreted gas column could extend another 689 feet (210 meters) below the base of the Heron-2 well to the interpreted structural saddle that carries over to the nearby Evans Shoal gas field. Heron-2 flowed gas to the surface during an open-hole drillstem test during which the hole bridged off just below the uppermost sand interval being test, precluding any contribution from deeper in the hole. The gas quality recovered during the DST was inconsistent with the more liquids rich gas observed in the mud returns while drilling the lower section of the hole. As part of the farm-out terms, MEO is proposing to drill two appraisal wells – one on Heron South and one on Heron North – to ascertain whether the Greater Heron structure has enough gas and is of great quality for an LNG development.