Dec. 2012 - MEO Australia made the decision to abandon its Sainampueng-1 well in the Gulf of Thailand after having continued difficulty maintaining returns. At this time, the well has been stabilized, logs have been acquired and the ENSCO 85 (300' ILC) is preparing to plug and abandon the well at the current total depth of 7,621 feet. The upper interval of the target was penetrated but logs were unable to verify a reservoir at that depth. A section of shale 196 feet thick exhibited gas shows, which may be indicative of source rock, but further analysis will be required in order to confirm. Data collected from the well will be analyzed to gain a better understanding of Sainampueng and the overall prospectivity of the basin.

Nov. 2012 - The Ensco 85 (300' ILC) completed drilling the Anchan-1 well in the G2/48 concession offshore Thailand. Pearl Oil operates the concession and shares 50% interest with MEO subsidiary Rayong Offshore Exploration Ltd. No appreciable levels of hydrocarbons were encountered while drilling the 5,505 foot well. A plug was set at the 13 3/8" casing shoe and the Sainampueng-1 well was kicked-off from there. The sidetrack well is testing a 10 – 25 MMstb 3-way dip closure against the basement margin fault. Anchan-1 and Sainampueng-1 fulfill the 5 and 6 year permit obligations respectively.

Nov. 2012 - Thailand's Department of Mineral Fuels, Ministry of Energy has formally approved the transfer of 50% participating interest in the G2/48 concession from Pearl Oil to Rayong Offshore Exploration Ltd. The concession lies in proximity to the Jasmine and Manora oil fields and also contains the Rayong Basin which possesses similar characteristics to nearby basins with known oil accumulations. An exploration drilling program is in the advanced stages of planning with the Anchan-1 and Sainampueng-1 wells scheduled to spud 4Q 2012. These wells will satisfy the 5- and 6-year concession commitments respectively.

Sep. 2012 - Pearl Oil along with its JV partner, Rayong Offshore Exploration, has selected the Sainampeung-1 prospect as the optimal location to test the G2/48 concession located in the Gulf of Thailand. Sainampueng-1 will be drilled in 4Q 2012 using the Ensco 85 (300' ILC). Estimates suggest the mean unrisked prospective resources to be 10 million stock tank barrels (MMstb) with a high side of up to 27 MMstb (P10). Sainampueng-1 has the potential to open a new basin with significant follow-up potential.

Feb. 2012 - MEO Australia subsidiary, Rayong Offshore Exploration Limited, has acquired a 50% stake in Pearl Oil's G2/48 concession in the Gulf of Thailand. Consideration for the farm-in comprises MEO reimbursing 50% of the costs of the 450 km2 3D seismic survey acquired in 4Q 2011, and paying 66.6% of the 2012 commitment well (capped at a gross well cost of $5 million, above which MEO will pay its participating interest).