news, page-5

Key Points
Whilst Farm-in terms had been agreed between MEO and preferred farminee, the
Farm-in Agreement has not yet been executed
Side agreements developed to address the establishment of a stand-alone LNG project
and to improve aspects of the Joint Operating Agreement (JOA)
Side agreements were executed by all except one party on 5th
March 2010
Remaining party advised on 17th
March 2010 it would not execute the side agreements
as currently presented
Preferred farminee considering whether 85% alignment is sufficient to proceed
Preparing to re-open farm-in if transaction cannot be completed
Option secured over drilling rig for late 3Q/early 4Q drilling of Artemis-1