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MEO Australia and Eni observe more gas shows at Heron South-1  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 11/10/2012

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(MENAFN - ProactiveInvestors - Australia) MEO Australia (ASX: MEO) and Eni have recorded gas shows and elevated resistivity readings while drilling the Heron South-1 well towards the gas water contact in the target Elang Plover objective.

The significance of these shows will be evaluated with a comprehensive formation evaluation program that will be carried out after drilling at Heron South-1 is completed.

MEO added that palynology analysis of core chip samples of a section where gas shows were encountered in reservoir quality sands appeared to be sandstone above the main Elang-Plover objective.

Heron South-1 is being drilled to determine the extent and productivity of the Elang-Plover reservoir and the gas composition.

Eni is earning an initial 50% interest in the Heron area by funding two wells on the structure. It also has an option to earn a 50% interest in the Blackwood area by acquiring a minimum 500 square kilometre 3D seismic survey and drilling a well in the area.

The Italian major has a further option to acquire an additional 25% interest in both areas of the permit by funding MEO's share of the work program, including additional appraisal wells, required to reach a Final Investment Decision (FID) for either Heron and/or Blackwood.

MEO has estimated the Greater Heron structure could hold mean prospective recoverable raw gas of 5 trillion cubic feet, potentially sufficient to underpin a liquefied natural gas development.

 






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