Continental Energy Gets Green Light for Its Bangkudulis Field Development.Business Editors/Energy Writers JAKARTA, Indonesia & VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 14, 2002--Continental Energy Corporation ("Continental")(OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CPPXF) announced today that its Indonesian affiliate GAT Bangkudulis Petroleum Company Ltd. ("GATB GATB General Aptitude Test Battery GATB Gillian Anderson Testosterone Brigade GATB Graphical Articulated Total Body (3-D computer model) GATB guidance, apportionment, and targeting board (US DoD) ") has received written approval from Indonesian authorities for the extension of the term to perform the drilling commitment on its Bangkudulis TAC 1. TAC - Translator Assembler-Compiler. For Philco 2000. 2. TAC - Terminal Access Controller. together with permission to proceed immediately with the planned 2002 drilling and development program for its Bangkudulis Field. Receipt of the extension also satisfies conditions for Continental to close a related and pending US$ 1 million private placement and farm-out to fund field development work as reported in a previous news release of 5 November 2001. Continental is participating in the development of the onshore Bangkudulis Field in East Kalimantan East Kalimantan (Indonesian: Kalimantan Timur abbrv. Kaltim) is Indonesian province on the east of Borneo island. The resource-rich province has two major cities, Samarinda (the capital and a center for timber product) and Balikpapan (a petroleum center with oil , Indonesia. In accordance with a US$ 2.6 million budget Continental's GATB unit intends to drill two development wells, repair an existing production well and install surface production facilities sufficient to place the three wells on oil production. Drilling, repairs and construction work will take 4 to 5 months. The Company expects to commence commercial production in mid-2002. Full exploitation of the field will take an additional 18 months from first production and involve drilling as many as 16 to 20 additional development wells. The Bangkudulis Field discovery well tested accumulated production at a rate of 6,500 Barrels of oil per day of 41 gravity sweet crude on a 1" choke from four separate sandstone oil reservoirs of 119 feet net pay thickness at a depth of 3,250 feet. The discovery well was placed on production by the Indonesian state oil company for 4-years and produced over 560,000 barrels under natural flow conditions before production was suspended due to mechanical problems. The field was never delineated de·lin·e·ate tr.v. de·lin·e·at·ed, de·lin·e·at·ing, de·lin·e·ates 1. To draw or trace the outline of; sketch out. 2. To represent pictorially; depict. 3. or developed for lack of government budget for drilling. Continental's GATB affiliate obtained a technical assistance contract with the Indonesian state oil company for the purposes of delineating and commercially exploiting the entire field and restoring it to production. Continental Energy is a small but aggressive oil and gas exploration company focusing its efforts on discovering major reserves in Indonesia. Continental owns and operates a 60% interest in two high potential exploration properties under Production Sharing Contracts covering 3 million acres in Indonesia, the onshore Bengara-II Block in East Kalimantan and the offshore Irian Jaya Irian Jaya, province, Indonesia: see Papua. Yapen Block. Continental also owns a 30% stake in a Technical Assistance Contract for the development of the Bangkudulis Oil Field, East Kalimantan. On behalf of the Board, "Original Signed by Gary R. Schell" Gary R. Schell, Director No securities regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities has either approved or disapproved the contents of this news release. Certain matters discussed within this press release are forward-looking statements within the meaning of the "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although Continental believes the expectations reflected in such forward-looking statements including reserves estimates, production forecasts, feasibility reports and economic evaluations are based on reasonable expectations and assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, oil and gas prices, drilling program results, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in Continental's periodic filings with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities Exchange Commission. For more info please contact Craig Doctor, Investor Relations Investor relations The process by which the corporation communicates with its investors. , 604/278-4656 or Advisors, Alex Tassos & Associates 760/737-7000 Or Gary Schell, Director, at the Company's Headquarters, 21795 64th Avenue, Langley, BC, V2Y-2N, BC, 604/532-6066. |
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