Dr Daz,At the Seapec Conference 21/4/09 in Singapore,where Meo...

Dr Daz,

At the Seapec Conference 21/4/09 in Singapore,where Meo formally launched their Farmout of Artemis seeking;

MD & CEO Jrgen Hendrich
MEOs primary focus has been on farming out WA-360-P in which we hold a 70%
interest. To attract a significant global player, we need to offer a substantial equity
interest. As such, we are willing to offer up 50% and retain 20%. For this, we
expect the incoming party to reimburse past seismic costs, fund the drilling of the
commitment well and in the event of a discovery, fund MEOs residual 20%
interest in two additional wells.

At this time Meos Preliminary estimates for Artemis were 6-9 Tcf.Today the estimate is 20.3 Tcf.

During the FO of Artemis, which formally closed on the 1/9/09 would it have been possible for Meo to change the Original FO terms it was seeking,also given the shift in the Gas market.

During the FO to Meo by Cue and Mog in 2007 I notice they gave up 70% of their interests in WA-360-P on 4 Tcf,for a free carry on Artemis #1.

Today Meo are offering up to 71.5% of their interest in WA-360-P on the FO Proposal terms but now 20 Tcf estimate.

Can we expect a better deal has been cut on the announcement as this seems cheap for the percentage that is being offered?

Any thoughts on this?

Cheers Kimbo.