Australia: Songa Venus Rig to Arrive to Artemis-1 Next Week

MEO Australia Limited  advises that as at 06:00 hours (Perth time) on Wednesday 17th November, the Songa Venus semi-submersible drilling rig had been towed a distance of 181.7 nautical miles or 28.1% of the 646.7 nautical mile journey to the Artemis-1 location.

Assuming the average speed achieved on the journey to date is maintained, the rig is anticipated to arrive at the Artemis-1 location late on Tuesday 23rd November, however the actual tow speed achieved will be a function of the prevailing weather and sea state conditions.

Artemis-1 is anticipated to spud shortly after being anchored on location.

The next weekly progress report is planned for release on November 24th.

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 Limited15%

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, November 17, 2010: