MEO Australia Limited ABN 43 066 447 952 Tel: (+61 3) 8625 6000 Level 17 Fax: (+61 3) 9614 0660 500 Collins Street Email: [email protected] Melbourne Victoria 3000 Australia Website: www.meoaustralia.com.au ASX & Media Release Designated Authority grants 5 year renewal of WA-361-P Key Points: Permit renewed for additional five years from 31st January 2011 MELBOURNE, AUSTRALIA (10th January, 2011) MEO Australia Limited (ASX: MEO; OTC: MEOAY) has been advised by the Western Australian Department of Mines and Petroleum as the Delegate of the Designated Authority on behalf of the Western Australia Offshore Joint Authority, that exploration permit WA-361-P has been granted a five (5) year renewal term from 31st January 2011, following mandatory relinquishment of seven (7) graticular blocks. The renewal comprises eight (8) graticular blocks on Rowley Shoals SE50 map sheet (refer location map below) requiring 150 km2 3D seismic acquisition in the primary term and the drilling of one exploration well in permit year 4 of the secondary term (refer table below for minimum work requirements). Location Map Minimum work requirements Permit Year Yr Starts Yr Ends Minimum Work Requirements Primary Term 1 31st Jan 2011 30th Jan 2012 Geotechnical studies 2 31st Jan 2012 30th Jan 2013 150km2 new 3D seismic survey Geotechnical studies 3 31st Jan 2013 30th Jan 2014 3D seismic interpretation Geotechnical studies Secondary Term 4 31st Jan 2014 30th Jan 2015 One (1) exploration well Geotechnical studies 5 31st Jan 2015 30th Jan 2016 Geotechnical studies WA-361-P Participants Equity North West Shelf Exploration Pty Ltd (MEO subsidiary) 50%* Mineralogy Pty Ltd 35% Cue Energy Resources Limited (ASX: CUE) 15% *MEO Australia Limited is Operator for the Joint Venture J?rgen Hendrich Managing Director & Chief Executive Officer
MEO Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held