Songa Venus Handed Over to MEO Australia

MEO Australia Limited advises that the Songa Venus semi-submersible drilling rig was handed over from Shell at 5pm (Perth time) on Sunday 14th November and is currently under tight tow to the Artemis-1 location.

The journey is programmed to take approximately eight days at current tow speed, however actual timing will be a function of sea state conditions.

Artemis-1 is anticipated to spud shortly after being anchored on location. MEO plans to release progress reports initially on a weekly basis commencing November 17th.

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

[mappress]

Source: Meo Australia, November  15, 2010;