hysteria, page-22

Hey Jostar,

I hope this helps.

Artemis: WA 360-P (CUE 15%)
The Artemis permit is located in the North West Shelf (NWS) area of WA adjacent to the NWS producing gas fields operated by Woodside, the Pluto development operated by Woodside and the proposed Wheatstone development operated by Chevron. Artemis is currently in year 4 of the initial permit term. All exploration commitments up to and including Year 4 have been fulfilled. Year 5 commenced in Feb 2010 and has a one well commitment while year 6 requires further study work. Exploration will target an estimated ~7.6tcf of recoverable gas. The permit is covered by one 2D seismic survey and four 3D seismic surveys (processed from 1996 to 2009). Other partners in the permit include MEO (operator and 70% interest) and Moby Oil and Gas (15% interest). As part of the commercial agreement, CUE has a free carry on the Artemis-1 exploration well after MEO committed to drilling the well in December 2009 and in exchange CUE has reduced its interest from 20 to 15%. After board approval of its preferred farm-in partner to drill Artemis-1 (MEOs selected farm-in partner has not been announced), MEO has commenced discussions to secure a suitable rig with the aim to start drilling in the second half of 2010. With a solid earnings base and a free carry on the exploration well, CUE provides balanced exposure to Artemis.