a#1 took a gas-kick, page-34

ASX & Media Release
Artemis-1 Progress Report No. 5
Key Points: Artemis-1 has been drilled to 2,936m An over-pressured gas zone encountered above the primary objective Well is presently circulating 11.0ppg mud to enable resumption of drilling operations
MELBOURNE, AUSTRALIA (6th December, 2010)
MEO Australia Limited (ASX: MEO; OTC: MEOAY) advises that since the last progress report, the BOP?s have been run and tested. The 12-?? hole commenced drilling at 21:30 hrs (Perth time) on Friday 3rd December and has been drilled to a depth of 2,936m.
The well was shut in at 18:00 hrs on Sunday 5th December after encountering an over-pressured gas zone above the primary objective.
Present activity is circulating 11.0ppg mud to enable resumption of drilling operations including running the contingent 9-5/8? casing string before drilling ahead to the primary objective.
WA-360-P Participants
Equity
Petrobras International Braspetro PIB BV (a wholly owned subsidiary of Petrobras)
50%
North West Shelf Exploration Pty Ltd (wholly owned MEO subsidiary)
25%
Cue Energy Resources Limited (ASX: CUE)
15%
Rankin Trend Pty Ltd a wholly owned subsidiary of Moby Oil & Gas (ASX: MOG)
10%
*MEO Australia Limited is Operator for the Joint Venture
J?rgen Hendrich
Managing Director & Chief Executive Officer