The company will drop its 100% stake in the NT/P68 permit, off the Northern Territory, after its assessment of the Heron discovery determined it was too small to be a potential gas supply source for its Tassie Shoal project.
This was the same reason MEO gave when it dropped its 50% interest in the Blackwood discovery area in the same block earlier this year.
MEO drilled two unsuccessful wells in NT/P68, one on Heron and the other on Blackwood, with Eni, after which the Italian company took a 100% interest in the Blackwood area while MEO took over the Heron area.
MEO also revealed Friday it intended to drop its 62.5%
