Australia: MEO Receives Regulatory Approval to Drill Artemis-1

MEO Australia Limited  advises that the Western Australian Department of Mines & Petroleum has granted approval for the drilling of Artemis-1 in WA-360-P and has further advised it has accepted MEO’s Well Operations Management Plan (WOMP).

This represents the final regulatory approval in relation to the drilling of Artemis-1.

MEO expects to receive the rig (Songa Venus) from Shell, the current Operator, around mid November, depending on operational progress on their current well. Once the rig has been handed over, it will be towed to the Artemis-1 location. This is expected to take approximately seven (7) days.

WA-360-P Participants

Equity

Petrobras International Braspetro PIB BV (a wholly owned subsidiary of Petrobras) 50%

North West Shelf Exploration Pty Ltd a wholly owned MEO subsidiary 25%

Cue Energy Resources Limited 15%

Rankin Trend Pty Ltd a wholly owned subsidiary of Moby Oil & Gas 10%

[mappress]

Source: MEO, October  25, 2010;