MEO 0.00% 0.0¢ meo australia limited

ASX & Media ReleaseArtemis-1 Progress Report No. 5Key Points:...

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    ASX & Media Release
    Artemis-1 Progress Report No. 5
    Key Points: Artemis-1 has been drilled to 2,936m An over-pressured gas zone encountered above the primary objective Well is presently circulating 11.0ppg mud to enable resumption of drilling operations
    MELBOURNE, AUSTRALIA (6th December, 2010)
    MEO Australia Limited (ASX: MEO; OTC: MEOAY) advises that since the last progress report, the BOP?s have been run and tested. The 12-?? hole commenced drilling at 21:30 hrs (Perth time) on Friday 3rd December and has been drilled to a depth of 2,936m.
    The well was shut in at 18:00 hrs on Sunday 5th December after encountering an over-pressured gas zone above the primary objective.
    Present activity is circulating 11.0ppg mud to enable resumption of drilling operations including running the contingent 9-5/8? casing string before drilling ahead to the primary objective.
    WA-360-P Participants
    Equity
    Petrobras International Braspetro PIB BV (a wholly owned subsidiary of Petrobras)
    50%
    North West Shelf Exploration Pty Ltd (wholly owned MEO subsidiary)
    25%
    Cue Energy Resources Limited (ASX: CUE)
    15%
    Rankin Trend Pty Ltd a wholly owned subsidiary of Moby Oil & Gas (ASX: MOG)
    10%
    *MEO Australia Limited is Operator for the Joint Venture
    J?rgen Hendrich
    Managing Director & Chief Executive Officer
 
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