Eni has executed an agreement with MEO Australia to farm-in to the Heron and Blackwood gas discoveries in the NT / P68 permit of the Timor Sea, northern Australia.

Eni will be the permit’s operator and will own a 50% interest, along with MEO Australia, which owns the remaining 50% stake.

Under the agreement, Eni can earn a 50% interest in the Heron gas discovery by funding the drilling of two wells in the Heron area, or may withdraw from the agreement after drilling the first well.

Eni also has an option to buy a 50% interest in the Blackwood gas discovery by acquiring at least 500km² of 3D seismic data and drilling one well in the Blackwood area.

The company may fund the work programme required to reach a final investment decision in either of the discoveries to earn an additional 25% interest.