MEO Australia Limited Announces Songa Venus Handover Timing Update

MEO Australia Limited provide their routine weekly Artemis-1 update on 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 late evening (Western Standard Time) on 12th 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, November  10, 2010;