MEO agrees Artemis area transaction

North West Shelf Exploration (NWSE) is set to acquire a further 5% equity in the WA-360-P exploration permit off Western Australia.

Offshore staff

MELBOURNE, Australia -- North West Shelf Exploration (NWSE) is set to acquire a further 5% equity in the WA-360-P exploration permit off Western Australia.

Earlier this year, Petrobras farmed into 50% of the concession, which includes the potential 12 tcf Artemis gas prospect. The location is close to existing and planned LNG infrastructure.

NWSE, a subsidiary of MEO Australia, has agreed the purchase with Rankin Trend Pty, which currently holds a 15% stake in the permit.

MEO, which remains operator of the permit, has been working with Petrobras to prepare for drilling of the Artemis-1 well. The current program includes progressing regulatory approvals, selecting a location for the well, a site survey of the sea floor, and finalizing contracts for a drilling rig.

06/10/2010

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