MEO Updates on WA-360-P Farm-In, Rig Search for Artemis-1

MEO Australia advised that its preferred farminee has now received Board of Director approval authorizing it to complete the farm-in to Exploration Permit WA-360-P. This approval enables finalisation of the documentation to complete the farm-in which will be subject only to Australian regulatory approvals including the Foreign Investment Review Board (FIRB).

A joint release with details of the farm-in will be made once the agreements have been executed.

Concurrent with this approval, MEO has triggered its option to fund the Permit Year 5 (commencing February 1, 2010) commitment well in WA-360-P, completing its farm-in for a 70% interest in the Permit with Rankin Trend Pty Ltd (a wholly owned subsidiary of Moby Oil and Gas and Cue Exploration Pty Ltd. MEO will retain a minimum 20% interest in the permit post farm-out.

Discussions have commenced with drilling rig operators aimed at securing a drilling rig for the second half of 2010 to drill Artemis-1 which is targeting mean prospective resources of approximately 12 Tcf.

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