"The Company has recently made positive announcements in relation to the Petrobras farm-in to WA-360-P and preparations for drilling the Artemis-1 exploration well in WA-360-P which include:
The Company advised that all Australian regulatory approvals have been received in relation to the Petrobras farm-in to exploration permit WA-360-P. MEO has subsequently invoiced Petrobras for the cash bonus (US$31.5m) and seismic related back costs (approx US$7.5m).
The Company advised that the Site-Survey over the Artemis-1 well location was completed.
The Company advised it had executed a contract securing the Songa Venus to drill the Artemis-1 prospect.
The Company had previously reported that the drilling of the Artemis-1 exploration well was expected to commence in November 2010, subject to timely handover of the Songa Venus drill rig from the current rig operator. The Company advises there has been no material change in the timing of the handover of the Songa Venus drill rig."
MEO Price at posting:
53.5¢ Sentiment: Hold Disclosure: Held
