Asset Portfolio Increase.Business Editors PERTH, Western Australia--(BUSINESS WIRE)--April 13, 2000 To enhance the value of its energy portfolio, CityView Energy Corporation Limited ("CityView") NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CVCL CVCL Camp Verde Community Library (Camp Verde, AZ) has acquired from ASAB ASAB Association for the Study of Animal Behaviour ASAB Administrative Systems Advisory Board ASAB Allmänna Städnings Aktiebolaget ASAB Atlanta & St. Andrews Bay Railway Company Resources Limited its 2.5% interest in the oil and gas area known as Block SC41 offshore Philippines. The block contains the Rhino prospect for which Robertson Blackwatch, a leading international petroleum consultancy firm have calculated a range of possible STOIIP STOIIP Stock Tank Oil Initially in Place (a) of 1,260-2,730 MMstb of oil with a mid-case of 1,987 MMstb and a possible range of between 0.9-1.96 TCF See Trenton Computer Festival. of gas with a possible mid-case of 1.38 TCF. The interest is free carried by MMC See MultiMediaCard and Microsoft Management Console. Exploration & Production (Philippines) Pte Ltd which is a subsidiary of Malaysia Mining Corporation Berhad ("MMC") through the next part of the program, being the drilling of a major offshore well in the Rhino prospect. The acquisition will boost CityView's asset ratios, thereby facilitating the process for the acquisition of its interest in Sands Solutions.com Pty Ltd on which it is moving with urgency. The purchase consideration will be the issue to ASAB Resources Limited of 2.2 million CityView shares in accordance with listing Rule 7.1 of the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. Limited. On yesterday's closing price of Aus$2.10 (US$1.25) this equates to $1,100,000 per percentage point. This is a lower rate than the price paid to CityView by MMC on December 31, 1999 of US$1,133,333 per percentage point based on the Gaffney Cline valuation of US$17 million for a 15% working interest. It should also be noted that the interest sold by CityView to MMC was a working interest and not free carried. CityView has thus succeeded in regaining control of 2.5% of the prime SC41 block both at a cheaper price than paid to it by MMC but also as a free carry so that it has no financial obligations. CityView's energy portfolio now comprises a free carry on four projects: Madura and Simenggaris blocks in Indonesia throughout the years 2000 and 2001; Block SC41 Philippines through the drilling of the next offshore well; the Coreyntene Concession Guyana through its holding in CGX Energy Inc of one million shares and 250,000 warrants. The Directors valuation of CityView's energy portfolio is approximately $15 million. Yours faithfully A P WOODS Company Secretary (a) Stock tank barrels of oil initially in place Listed: NASDAQ: CVCL ASX ASX See: Australian Stock Exchange :CVI Capital Structure: Fully Diluted: 39,996,206 Float: 24,231,253 |
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