Hi im, great work. Gotta love it, there is now a link to your...

Hi im, great work. Gotta love it, there is now a link to your post over on the CUE thread and a claim that they may be getting more % of Artemis. I dont think we need to worry about that as it has been clearly stated to the ASX, by both MEO and CUE, the percentages of working interest.

From CUE's latest announcement
"Cues 15% free carried interest in the Artemis 1 well will not be altered by the outcome of these discussions."


The fact that MEO in their latest release have stated that the PF is considering going ahead with the deal with 85% alignment to a stand alone LNG, this representing 3 of the 4 JV partners also ties in with those figures.


I have been back through all of MEO's and CUE's reports for the last couple of years (i was sure at some point i read a release that stated once MEO irrevocably commited to drilling a further 10% would be/was alloted, but blowed if i can find it now) and as you say neither company have made a clear path of announcements in regard to this topic. Perhaps there has been a fair amount of action between their respective legal eagles that has not been documented to us laymen, i for one would be more than happy to have a detailed and concise breakdown of negotiations around these permits to date.


Earlier in the piece it says that North West Shelf Exploration has 60% interest with an option to earn a further 10% on committing to the A1 well with full costs, here it is from ann. made 25/10/2007 - "Cue Energy Resources Limited (Cue) is pleased to announce that a wholly owned subsidiary of MEO Australia Limited (MEO) has farmed into Cues 50% interest permits WA-359P, WA-360P and WA-361P on the Northwest Shelf. MEO will earn a 60% interest in each permit by meeting the year 3 commitment seismic in each permit and electing to fund 90% of the cost of drilling the first exploration well in each permit, MEO could earn up to a 70% interest, depending on the percentage the current permittees elect to contribute to the well cost." and now this from CUE's latest "On 21 December 2009, MEO through its wholly owned subsidiary North West Shelf Exploration Pty Ltd, under the terms of the farmin agreement with Cue Exploration Pty Ltd a wholly owned subsidiary of Cue Energy Resources Limited and Rankin Trend Pty Ltd, irrevocably committed to drill the Artemis 1 well in WA-360-P at its sole cost.".......It's sole cost, therefore 70% interest is MEO's.