MEO All Wet at Zeus-1, Songa Venus to Depart Next Week

MEO Australia has provided an update for Zeus-1 well, which was drilled by the Songa Venus semisub in WA-361-P, located in the Carnarvon Basin, offshore Western Australia. MEO Australia is the operator of the well and holds a 35% working interest.

A MDT formation pressure testing program has confirmed the primary objective sands to be water bearing. The well is currently being plugged and abandoned as planned. MEO expects to release the Songa Venus early next week.

Implications for North West Shelf Acreage

While the results from Zeus-1 are clearly disappointing, MEO remains optimistic that there is significant untested potential for gas accumulations within its North West Shelf acreage. Once the results from the well are fully integrated with the existing database, the forward plan for WA-361-P will be determined. The drilling of the well satisfies the Year 5 commitment for the permit.

Concurrently, MEO is continuing its technical work on WA-360-P (MEO 60-70%) where it has identified substantial independent prospectivity. A formal farm-out process for this permit is expected to commence early 2Q'09. The company is confident of attracting a well credentialed partner to contribute to the funding of a well planned for 2010.

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