MEO's Managing Director Steps Down

MEO Australia Limited has advised that as foreshadowed in its ASX release dated May 20, Chris Hart will retire from his position as Managing Director, effective July 25. Concurrently with Hart’s retirement from an executive
role, CEO Jurgen Hendrich, will be appointed to the Board and will assume the role of Managing Director and CEO. Hart has agreed to continue as a Non-Executive Director of the Company until September 30, 2008.

Hart co-founded the company in 1994 and helped guide the Company through the successful appraisal of the Evans Shoal gas field which was subsequently sold to Santos. Hart was instrumental in developing the concept of converting gas high in CO2 into methanol and in particular, the idea of using Tassie Shoal – an area of shallow water in the midst of several CO2 challenged gas fields – as an infrastructure hub.

He subsequently championed the EPBC Act approvals for the company’s proposed gas-to-liquids projects on Tassie Shoal and expanded the Company’s areas of interest to include the highly prospective Timor Sea and Northwest Shelf permits, where exploration and appraisal drilling is underway.

The board thanks Hart on behalf of all shareholders for his energy and stamina over a prolonged period. The Company has never been better positioned to realize its ambitions to become a leading global producer of value-added gas liquids products.