Level 17 Fax: (+61 3) 9614 0660500 Collins Street Email:...

Level 17 Fax: (+61 3) 9614 0660
500 Collins Street Email: [email protected]
Melbourne Victoria 3000 Australia Website: www.meoaustralia.com.au
ASX AND MEDIA RELEASE
Zeus-1 update
Key Points:
Handover of Songa Venus drilling rig to occur this evening
Potential in-place gas volumes exceed 18 Tcf
MELBOURNE, AUSTRALIA (January 8, 2009) – MEO Australia Limited (ASX: MEO) is
pleased to advise that it expects the Songa Venus semi-submersible drilling rig to be handed
over to MEO this evening for towing to the Zeus-1 well location. Following a 7 day tow,
Zeus-1 is expected to spud on or about 17th January.
The Zeus play is estimated to have the potential to contain in the order of 15 Tcf gas-in-place
in the primary objective and a further 3.7 Tcf gas-in-place in the shallower secondary
objective. Any material gas volumes discovered in this premium location will have a plethora
of potential development options, including domestic and export (LNG) gas markets.
Clive Palmer’s Resource Development International Limited (RDI) is paying 80% of the costs
of Zeus-1 to earn a 35% interest. Success at Zeus-1 will establish MEO and RDI together with
their JV partners as key players in the Australian upstream gas (& potential gas export)
industry.
Participants
Company
WA-361-P
Equity
North West Shelf Exploration Pty Ltd
(Wholly owned subsidiary of
MEO Australia Limited) Operator
35%
Resource Development International
Limited (Unlisted)
35%
Cue Energy Resources Limited (ASX: CUE) 15%
Gascorp Australia Pty Ltd (Unlisted) 15%
Jürgen Hendrich
Managing Director & Chief Executive Officer