MEO Acquires More Than 50% of Artemis Seismic in Carnarvon Basin

MEO Australia has advised that approximately 50.97% of the 250 km2 3D seismic in WA-360-P (MEO: 70%, Operator), offshore Western Australia in the Carnarvon Basin has been acquired since acquisition commenced on Mar. 10.

The survey was interrupted on Mar. 11 when a water quality issue required the MV 'Orient Explorer' to return to Dampier for remedial action. Acquisition re-commenced on Mar. 16 and is expected to be completed in approximately one week.

The survey is designed to provide 3D coverage over the extension of the Artemis prospect identified on MEO's existing 2007/08 3D seismic survey, in preparation for planned drilling of Artemis-1 in 2010. A formal farm-out process is scheduled to commence during 2Q'09.