Heron South-1 Drilling Update (Australia)

MEO Australia Limited has announced that at 6:00am Darwin time on Monday, September 10, Eni Australia Ltd (Eni) as operator of the NT/P68 exploration permit had drilled the Heron South-1 445mm (17½”) hole to a depth of 2,914mMDRT (metres Measured Depth below Rotary Table). There have been no reportable incidents and well operations are proceeding according to plan.

Eni plans to drill the 445mm (17½”) hole to a target depth of around 3,000m before running and cementing 340mm (133/8”) casing.

The well was spudded on the 24th August 2012 and is planned to be drilled to at least 4,265mMDRT or the gas water contact. The drilling program is expected to take around 60 days.

The key objectives of the well are to determine the productivity of the Elang-Plover reservoir and the gas composition.

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Press Release, September 11, 2012