MEO: Seruway PSC operations update

(8 October 2012) -- MEO Australia Limited advises the following update in relation to the Gurame SE-1X well being drilled offshore North Sumatra in the Seruway PSC using the Hercules #208 drilling rig.

Since the last report, the BOPs (Blow Out Preventers) were installed and tested, a LOT (Leak Off Test) was completed and the 12 ? ? hole has been drilled and steered to 2,041m MDRT.

Progress Summary

Progress since last report:
− Tested BOP, drilled out of 13 3/8" casing
− Completed LOT
− Drilled and steered 12 ?" hole to 2,041m MDRT

Present Operation (at midnight Jakarta time, 8th October)
− Drilling ahead in 12 ?? hole at 2,041mDRT

Outlook:
− Drill 12?? hole to approximately 2,630mMDRT
− Run and cement 95/8? casing
− Drill and cut cores to approximately 3,374mMDRT

MEO?s CEO and MD J?rgen Hendrich commented on the announcement: ?Drilling is proceeding safely, without incident and according to plan. We look forward to the continuation of a safe and efficient drilling campaign to put the next section of the well behind casing before entering the first of the two reservoir objectives.? (ends)