Since i could not find any help googling (both escputils and mtink fail trying to read the ink level in the above printer) i wrote to Avasys, the company which distributes the linux driver, and received the following answer:
Thank you for visiting the AVASYS website and sending us your query.
===== Question =====
none of the programs (escputil, mtink) can check the ink level,
i wonder why if it is possible for windows it is not possible for linux!
===== Answer =====
We have not confirmed whether we get the status of the ink levels
by using escputil or mtink with drivers on our download page.
Unfortunately, the driver you mentioned does not support the function,
that is to get the status of ink levels, etc.
However, for your information, an old driver downloadable
from our download site may enable you to use the function.
You can download the necessary packages from our download site:
You will need to scroll to the bottom of the page, select
"Epson ME 320/330,Epson Stylus
and fill out and submit the short questionnaire.
Note that this driver for the model has released for only 32bit architecture
from our download site.
in the hope this can be of help to other linux users