MEO Australia, JV Partners to Drill Zeus-1 in Cue's North West Shelf Permit

Cue Energy announced that MEO Australia Limited has irrevocably committed to drill the Zeus -1 well in Cue’s North West Shelf permit WA-361-P. Zeus -1 will target a multi – TCF potential gas prospect which is immediately adjacent to the established North West Shelf Gas Project. The well is expected to be drilled in
October 2008.

Cue will be carried at no cost for a 15% interest and has the option to contribute up to 5% of the well cost to retain its 20% interest in the WA-361-P permit.

The participants in WA-361-P are North West Shelf Exploration (a wholly owned subsidiary of MEO Australia) with 60%, Cue Exploration with 20% and Gascorp Australia with 20%.