Elephant Hunting in Indonesia
Message: AGORACOM Client Feature (CPPXF: OTCBB) - Continental Energy Corp.
Continental Energy Corporation is a small and aggressive oil and gas exploration company focusing its efforts on making large commercial discoveries and establishing petroleum production in low to medium risk, but high potential reward, international properties.
Indonesia holds proven oil reserves of 4.2 billion barrels and ranks twenty first among world oil producers, accounting for approximately 1.2% of world oil production . Declining oil production and increased consumption resulted in Indonesia becoming a net oil importer inlate 2004. This factor, along with high oil prices in 2004-2008, led the Government to substantially scale back the domestic fuel subsidyin 2008 and to decide to temporarily withdraw from the Organization of Petroleum Exporting Countries –an organization representing approximately 45% of world oil production. As the only Asian member of OPEC since 1962, the Government has indicated it will consider rejoining OPEC if the country’s oil production can be increased and it can becomea net exporter again.
Indonesia is ranked eighth in world gas production, with proven reserves of 108 trillion cubic feet in year 2010. This ranks eleventh largest in the world and the largest in the Asia Pacific region.
Management has long experience in-country and solid relationships with both industry and government at all levels; there is a well established history of positive relationships between the international oil industry and the Government of Indonesia; there is strong and growing regional demand for both crude oil and natural gas provides expanding and near-by I-C-I (India-China-Indonesia) markets for any production Continental establishes.
Bengara II Block
Field shooting and recording operations on the 3D portion of the Bengara-II block seismic acquisition program are now completed. The full original 3D program of 178 square kilometers (120 km(2) full fold) has been recorded. Computer processing of the entire 3D program is also now completed.
Original plans called for a total of 920 line kilometers of new 2D seismic data to also be shot and recorded. Repositioning of some lines and abandonment of others due to the prawn farm issues has resulted in a reduction of the planned 2D program. CGB2 now expects to complete a total of 685 line kilometers of new 2D seismic recording.
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