Australia: Songa Venus Handover Timing Update

MEO Australia Limited provides an update to the anticipated timeframe for receiving the Songa Venus semi-submersible drilling rig from Shell, the current Operator.

The latest advice from Shell is that the rig is expected to be handed over to MEO on or about midday (Western Standard Time) on 11th November 2010. This look-ahead forecast is subject to operational progress meeting current expectations.

Once the rig has been handed over, it will undergo an approximate 7-day tow to the Artemis-1 location.

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%

*MEO Australia Limited is Operator for the Joint Venture

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Source: MEO Australia Ltd, November 4, 2010;