CUE ENERGY RESOURCES LIMITED — Capital/Financing Update 2011

Nov 1, 2011

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MEO Australia Limited ABN 43 066 447 952

Tel: (+61 3) 8625 6000 Level 17 Fax: (+61 3) 9614 0660 500 Collins Street Email: admin@meoaustralia.com.au Melbourne Victoria 3000 Australia Website: www.meoaustralia.com.au

ASX and Media Release Acquisition of 1,318 km[2] Zeus 3D marine seismic survey completed

Key Points:

• Acquisition of the 1,318 km[2] Zeus 3D multi-client seismic survey has been completed

• Acquisition fulfills Permit Year 2 (Jan 2012-Jan 2013) work commitment

• Processed survey over WA-361-P expected to be available during early May 2012

MELBOURNE, AUSTRALIA ( 2[nd] November, 2011 )

MEO Australia Limited (ASX: MEO; OTC: MEOAY ) advises that Fugro Multi Client Services Pty Ltd completed acquisition of the Zeus 3D Marine Seismic Survey on 31[st] October 2011. MEO has committed to purchase 323 km[2] of the seismic survey covering 4 graticular blocks within exploration permit WA-361-P which fulfills its Permit Year 2 work commitment. MEO expects to receive the 3D pre-stack time migrated (PSTM) data sets by early May 2012.

Area of Zeus 3D to be purchased by WA-361-P Joint Venture

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WA-361-P participants	Equity
North West Shelf Exploration PtyLtd(whollyowned subsidiary ofMEOAustralia**)**	50%*
MineralogyPtyLtd	35%
Cue EnergyResources Limited(ASX:CUE)	15%

*MEO Australia Limited is Operator for the Joint Venture

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Jürgen Hendrich Managing Director & Chief Executive Officer