MEO Increases interest in WA-361-P & Zeus-1 to 35% Key Points: Cue and Gascorp have each elected NOT to fund 5% of the Zeus-1 well Additional 10% interest reverts to MEO, taking interest in WA-361-P to 35% MELBOURNE, AUSTRALIA (September 21, 2008) -- MEO Australia Limited (ASX: MEO) is pleased to advise that Cue and Gascorp have advised MEO that they have elected not to exercise their respective options to each fund 5% of the Zeus-1 well to retain a 20% working interest. Under the terms of the farm-in agreement with MEO, this combined 10% interest will now be transferred to MEO, together with the associated 10% funding obligation, increasing MEO’s interest to 35%. Location map – WA-361-P WA-361-P Participating Interests (post Cue/Gascorp Election NOT to fund 5% of Zeus-1) North West Shelf Exploration Pty Ltd* 35% Operator Resource Development International Pty Ltd 35% Farming in to MEO Cue Exploration Pty Ltd 15% ASX:CUE Gascorp Australia Pty Ltd 15% Unlisted *Wholly owned subsidiary of MEO Australia The Zeus-1 well is targeting a multi-Tcf gas play in the Carnarvon Basin, off Australia’s North West Shelf. MEO is paying 20% of the costs of Zeus-1 to a cap of US$31.25m and retains a 35% interest in the well and WA-361-P. In the event of a major discovery at Zeus-1, MEO sees a plethora of commercialisation options including the possible application of Floating LNG (FLNG) technology. The Songa Venus semi-submersible rig is expected on location late October 2008. Jürgen Hendrich Managing Director & CEO MEO Australia Limited Operator of WA-361-P
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