MEO Reassigns Interest in WA-359-P to Cue Energy

MEO Australia reported that its drill/drop option over WA-359-P expired unexercised at 5pm on December 31, 2009. Technical studies have not sufficiently de-risked the Hephaestus lead identified by MEO in the permit to warrant committing to funding 100% of the Permit Year 6 well commencing February 1, 2010.

Consequently, MEO's 60% interest in the permit will be reassigned in equal proportions to the original farmors Cue Energy and Exoil (unlisted).

Participants in WA-359-P following reassignment will be:

  • Cue Exploration Pty Ltd (operator) 50%
  • Exoil limited 50%