New Ann---------The announcement by MEO is a most positive...

New Ann
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The announcement by MEO is a most positive outcome in relation to WA-360-P, and is welcomed by Moby.
Mobys 15% interest in WA-360-P is held by its wholly owned subsidiary, Rankin Trend Pty Ltd (Rankin Trend). On 21 December 2009, MEO, through its subsidiary, North West Shelf Exploration Pty Ltd (North West), committed to Moby to drill a well in WA-360-P on the basis that Moby will have no obligation to meet any part of the costs of that well attributable to Rankin Trends 15% permit interest. MEO have advised that the Artemis Prospect is to be the target of that well. The Artemis Prospect offers significant upside, if successful, and has a planned spud date of late 2010.