FYI holders14 Aretmis1. MEO Australia intends using either...

FYI holders

14 Aretmis
1. MEO Australia intends using either Nanhai-6 or Songa Venus for
its Atremis-1 well in WA-360-P
2. Option taken on one floater with slot offered on the other for
well scheduled for late this year
3. Option of using third rig investigated, most probably
Diamonds Ocean Epoch
4. Nanhai-6, managed by Maersk, contracted with Woodside until
September 2010 after 2-year option not exercised
5. Rig currently working through Enfield/Vincent development &
remediation program
6. Songa Venus last week spudded first of 3+3 program for Shell
in Browse Basin
7. Firm part of contract scheduled to take 156 days, taking rig
through until around August
8. However potentially another four months could be added if all
options exercised
9. MEO used Songa Venus for Zeus-1 in Carnarvon Basin WA-361-P,
P&Ad water wet at TD 3642m in February last year
10. Ocean Epoch comes off-hire from BHP Billiton in November after
option exercised
11. MEO in good position to play rigs off against each other with
standard water depth semi-sub market still flat
12. Petrobras farmed in to WA-360-P as predicted by Peter Strachan
of StockAnalysis (www.stockanalysis.com.au) some weeks ago
13. Artemis will be giant Brasilian national oil companys first
Australian operations
14. Petrobras to take 50% with option for operatorship by funding
first well to cap of US$41mil
15. If Artemis-1 successful, option for Petrobras to fund two more
follow up wells to cap of US$62mil per well
16. MEO to be free carried for up to three wells with cash bonuses
possible too
17. Artemis estimated to contain mean prospective resources of
~12TCF
18. WA-360-P: Petrobras 50%, *MEO 20%, Cue Energy 15% & Moby 15%
19. JV partner Cue yet to respond to news of new farmin
arrangements
20. On 24 March Cue said it had been asked to vary a number of
significant provisions of the current WA-360-P JV operating
agreement
21. Cue believed the proposed amendments disadvantage the company
and its shareholders relative to the status quo
22. It was continuing discussions in an attempt to resolve these
differences
23. Cue understood to be recalcitrant partner that held up formal
approval of Petrobras deal for several weeks