AskMuncher
2 years ago
$CPPXF Continental and HEXAS Establish Strategic Alliance and Joint Venture for Indonesia
Press Release | 12/30/2021
Continental Energy Corporation (OTCBB: CPPXF) ("Continental"), its wholly owned Indonesian subsidiary, PT Kilang Kaltim Continental ("KKC"), and Hexas Biomass Inc. ("Hexas") are pleased to announce the establishment of an unincorporated strategic alliance and joint venture (the "Alliance") between Hexas and KKC.
The Alliances primary objective is the production of Hexas' proprietary "XanoGrassTM" plant varieties for use as a sustainable source of non-food and non-feed biomass feedstocks for production of clean, environmentally responsible advanced biofuels at KKC's Maloy Refinery development site in East Kalimantan, Indonesia.
XanoGrassTM is an EPA-approved bioenergy crop that meets the US Renewable Fuel Standards. Since the plants are NOT used for food or feed purposes, commercial use of harvested XanoGrassTM biomass for production of biofuels, biofibers, and biomaterials is not in competition with alternative uses of XanoGrassTM as human food or animal feed. Further, XanoGrassTM production does not displace food crop production.
Importantly, XanoGrassTM plants are hyperaccumulator plants with the ability to remove heavy metals and other pollutants from contaminated soils and store them in plant tissues. XanoGrassTM plants also sequester carbon both underground in the plants' roots and in harvested plant fiber. Cultivation of XanoGrassTM restores soil microbial communities and fixes nitrogen in the soil.
The net effect of these properties of XanoGrassTM plants is that, over time, XanoGrassTM cultivation regenerates and restores damaged and contaminated topsoil and subsoil to a condition suitable for replanting to restore its original wild condition or suitable for commercial agriculture production of food, feed, or other products.
Alliance Recognized Opportunity :
The Alliance recognizes an opportunity presented by the availability of large tracts of degraded land nearby KKC's Maloy Refinery site, upon which the original fertile topsoil, and in some cases the subsoil and the entire soil profile, has been eroded and exhausted due to insufficient agricultural or forestry soil conservation practices, or has been removed, polluted, or damaged by decades of strip-mining activity. The provincial government of East Kalimantan is looking for solutions to restore and regenerate over 2 million hectares (4.9 million acres) of degraded soil.
Cultivation of XanoGrassTM on available damaged land near the Maloy site using Hexas' Farm-to-FiberTM system and business model can help 1) restore, regenerate, and reclaim barren soils, 2) provide local farmers an income opportunity and guaranteed harvest offtake, and 3) minimize renewable biofuels feedstock transport costs and reduce the overall CO2 footprint of the clean biofuels to be produced at KKC's refinery.
About XanoGrassTM :
Hexas has developed a proprietary variety of giant grass called "XanoGrassTM" that is perennial, fast growing, yields 50-85 dry metric tons of biomass per hectare (2.47 acres) year-over-year, is highly pest-resistant, grows in different climates and soil types, tolerates drought, and has low ecological demand.
XanoGrassTM is an US EPA-approved bioenergy crop that meets the USA Renewable Fuel Standards. Harvested stalks, stems, and leaves of XanoGrassTM are not intended for human or animal consumption and XanoGrassTM production does not displace food crop production.
XanoGrassTM is a sterile, non-seed producing grass and is therefore rendered non-invasive. Once planted, XanoGrassTM can be harvested repeatedly for up to 20-years before re-planting is necessary.
XanoGrassTM has been demonstrated to sequester 32.6 metric tons of carbon per hectare annually, compared to 19.2 and 6.2 metric tons respectively for Miscanthus and switchgrass, two other widely touted non-food, non-feed biomass feedstocks used to produce advanced biofuels.
The average yield in temperate climates for XanoGrassTM is 55 dry metric tons per hectare per year compared to 37 for Miscanthus and 15 for switchgrass. Hexas and KKC expect much higher yields in the tropical climate of Indonesia where the growing season is 12 months per year instead of the 4-to-8-month season in North America or Europe.
About XanoFiberTM and Value Added Biomaterials :
In addition to use as an advanced biofuels feedstock, XanoGrassTM can by processed into a wide variety of specialty XanoFiberTM biomaterials using Hexas proprietary post-harvest processing.
XanoFiberTM is a low-cost, high-quality feedstock with consistent physical and chemical properties. XanoFiberTM integrates directly into manufacturing systems as a replacement of, or supplement to, wood, jute, hemp, or other natural biofibers and fossil fuel-based feedstocks without sacrificing product functionality or aesthetic appeal.
XanoFiberTM finds ready markets with producers of oriented strand boards, fiber and particle boards, pulp, paper, bioplastic, textiles, polymers, packaging, biochemicals, fiber reinforced polymer composites for automotive and other manufacturing applications; and for use in biofiber reinforced aggregates for lightweight composites.
About Hexas :
Olympia, Washington, based Hexas is a private, woman-owned biomaterials company focused on plant-based materials solutions for the planet. Hexas regenerative biomaterials replace wood and fossil fuel-based raw materials in multiple applications.
Applications for Hexas plant-based materials include bioenergy, composites, structural/non-structural products, bioremediation, and more. Hexas has developed a proprietary Farm-to-FiberTM system (patent pending) for the low-cost, carbon negative production and delivery of its biomaterials to its customers.
About KKC :
KKC is an Indonesian domiciled, wholly owned subsidiary of Continental that is fully licensed by Indonesian foreign direct investment and energy ministry authorities to build, own, and operate a 24,000 barrels per day, state of the art, digitally controlled, integrated biofuels and crude oil refinery in the Maloy special economic zone in East Kalimantan province of Indonesia.
KKC plans to refine and blend advanced biofuels that meet the Indonesian government required renewable biofuel mandate of B30 Biodiesel and E20 ethanol content in gasoline, all for sale to Indonesian domestic market. XanoGrassTM is an ideal biomass source for production of advanced biofuels that meet the government mandate as well as an ideal renewable feedstock for planned refinery expansions to add production capacity for "Green Methanol" and "Green Hydrogen".
Wendy Owens, CEO of Hexas, said after the signing:
"It is an honor and a remarkable opportunity we have to work with KKC to bring XanoGrassTM and XanoFiberTM raw materials to Indonesia. We are more than pleased to work with Rich and the KKC team on a biomass solution to produce sustainable, advanced cellulosic biofuels to support national biofuel mandates. Our goal with our Farm-to-FiberTM platform is to disrupt the use of fossil fuels and food crops for fuel without interrupting existing supply chains and business while enabling our customers to use XanoGrassTM feedstock and XanoFiberTM biomaterials to make a difference in local communities through jobs creation and ecosystem services while mitigating the impact of climate change on lives and livelihoods."
Rich McAdoo, CEO of Continental and Commissioner of KKC, added:
"We are proud to be associated with Hexas. Wendy and her team have developed a great proprietary technology with XanoGrassTM plants and the XanoFiberTM biomaterial, plus a well thought out Farm-to-FiberTM business model on how to monetize them. Hexas and its technologies offer a short path to enabling our Maloy Refinery to produce enhanced and certifiably "green" and renewable fuel products, including biodiesel, fuel grade ethanol, methanol, and hydrogen. Producing special-application biomaterials derived from XanoFiberTM is a value-added bonus. It offers our Alliance a substantial future revenue stream from the sale of such products."
On behalf of Hexas, On behalf of Continental and KKC,
Wendy Owens Richard L. McAdoo
CEO CEO and Commissioner
Media Contacts:
CEC & KKC : Ash, +1-604-789-8102 - n.f.o@continentalenergy.com - www.continentalenergy.com
HEXAS : Rachel, +1-360-628-8338 - info@hexas.com - www.hexas.com
No securities regulatory authority has either approved or disapproved the contents of this news release. We assume no obligation to update its content. Any statements made herein that are not historical or factual at the date hereof are forward looking statements. Many risk factors may cause our actual performance and results to be substantially different from our plans or expectations described in any forward looking statements. In this release there is no assurance that the alliance and joint venture will successfully realize any joint projects, or that if realized, such project will yield products that are economically sustainable or profitable. Readers are encouraged to refer to the expanded discussion of recognized risks and uncertainties, many of which could detrimentally impact any forward looking statements, that Continental continuously provide in regulatory disclosures filed on, and publicly available for view or download from, www.sedar.com or from www.sec.gov/edgar.
fingjohnny
7 years ago
Great news out.
VANCOUVER, British Columbia,Continental Energy Corporation (OTCQB: CPPXF) (the "Company"), an emerging integrator of small scale refineries with local crude oil feedstock production, today announced that it has closed a deal with eight subscribers and shareholders (the "Subscribers") of Continental Hilir Indonesia Pte. Ltd. ("CHI") a privately held Singapore company.
CHI is the Company's joint venture partner under a Joint Development Agreement dated 4 January 2017 (the "JDA") regarding the development of small scale crude oil refinery projects in Indonesia. The mostly Dubai based Subscribers have invested a total of US$ 700,000 into CHI to enable it to meet its obligations to the Company under the JDA. Of this amount CHI has made non-interest bearing reimbursable advances directly to the benefit of the Company of approximately US$ 400,000. The remainder is held as cash or has been expended on JDA activities for the joint benefit of CHI and the Company in the proportions 80/20 respectively.
In accordance with separate settlement and disposition agreements with each one of the Subscribers, the Company reimbursed the entire US$ 700,000 to the Subscribers by way of the issue of its own securities in an aggregate amount of 14,000,000 "Units" at a value of US$0.05 per Unit. Each Unit consists of one common share of the Company and one "Warrant" to purchase an additional common share at a fixed price of US$ 0.10 per common share for a term of one year from issue.
No commissions or fees of any kind were paid with respect to this transaction. Three of the Subscribers are related parties and also directors of the Company. The other Subscribers are all arms-length and unrelated parties to the Company. Each one of the related parties received 1,000,000 of the Units upon issue on the same terms as the arms-length Subscribers.
With issue of the Units, the Company discharged approximately US$ 400,000 in debt and also took up the Subscribers' allocated shares of CHI such that the Company acquired ownership and control of CHI. The Company intends to repurpose CHI as its trading subsidiary to handle crude oil feedstock imports and refined products exports for the Company's planned small scale refineries in Indonesia.
laser777
7 years ago
Is there a Pulse here?
https://finance.yahoo.com/news/continental-acquire-indonesian-property-interest-173000776.html
PR Newswire•3 hours ago
Continental To Acquire New Indonesian Property Interest
JAKARTA, Indonesia, Aug. 28, 2017 /PRNewswire/ -- Continental
Entering a modal
Continental To Acquire New Indonesian Property Interest
[PR Newswire]
PR NewswireAugust 28, 2017
JAKARTA, Indonesia, Aug. 28, 2017 /PRNewswire/ -- Continental Energy Corporation (CPPXF) (the "Company") today announced that it has entered into a preliminary private placement agreement with PT ALT GME Bungalun Kariorang ("AGBK"), a privately owned Indonesian company. AGBK owns and operates a 100% interest in a special Indonesian production sharing joint cooperation contract with state-owned PT Pertamina EP known as a "KSO". The KSO has a term of 20 years to May 2036 and provides exclusive rights to conduct oil and gas exploration, exploitation, and production operations within an onshore area of 390,000 acres located on the east coast of Borneo island, named the "BK Block".
By taking up a new-issue private placement of AGBK's authorized share capital, the Company shall earn a 25% shareholding stake in AGBK, and shall also acquire exclusive rights from AGBK to off-take 100% of all future crude oil and natural gas produced by AGBK from the BK Block. Privately owned Indonesian company PT-ALT shall retain a 75% controlling interest stake in AGBK.
In accordance with the provisions of its KSO, AGBK paid a US$ 1,000,000 signature bonus and committed to expend a firm commitment amount of US$ 15,000,000 on geological, geophysical, and drilling work in the BK Block during the first 3 KSO contract years ending in May 2019. The Company will invest a total of US$ 4,000,000 to fund its 25% share of the bonus and of the firm commitment, to earn both its stake in AGBK and its rights to offtake future BK Block petroleum production.
AGBK shall use the entire investment proceeds exclusively for performing work within the BK Block in accordance with approved annual budgets as provided for in the KSO and firm commitment. The US$ 4,000,000 investment shall be treated by AGBK as a non-interest bearing advance from a shareholder. The Company shall be entitled to full reimbursement of the investment directly from BK Block oil or gas production "cost recovery" proceeds in the manner provided for in the KSO.
Closing of the placement is subject to and conditional upon final terms, conditions, and provisions to be set forth in four separate "Definitive Agreements"; 1) a "Placement Agreement", 2) a "Long Term Crude Oil Supply Agreement", 3) a "Long Term Natural Gas Supply Agreement", and 4) a "Shareholders Agreement". Closing is also subject to the Company delivering the first US$ 500,000 of the investment within 60 days of signature of Definitive Agreements, and also to AGBK acquiring the appropriate government permits to qualify the investment and the Company's 25% AGBK shares stake as a foreign direct investment and shareholding.
The placement and the Definitive Agreements are being negotiated on an arms-length basis notwithstanding the fact that a non-executive director of the Company is also the sole Director and CEO of AGBK. The director has no beneficial shares ownership in AGBK or in PT-ALT, the controlling holder of 75% of AGBK's shares. No fees of any kind are being paid to the director or to any third party intermediaries with regard to this transaction.
The BK Block is located in the Kutai Timur Regency of East Kalimantan Province, Indonesia on the northwest flank of the Kutai Basin, the prolific oil and gas producing geological region surrounding the Mahakam Delta. Notable oil producing companies in the Kutai include Chevron, Total, Vico (formerly HuffCo), and Pertamina. The BK Block does not currently produce oil on a commercial basis, but the Block includes over 100 oil wells drilled on oil fields that were producing over 2,000 BOPD oil before World War II. Most of the wells were sabotaged or destroyed during the war and commercial production was never restored. A few of the old wellbores that survived are still capable of flowing oil at the surface which is now collected and used by local residents. In addition to exploration and exploitation drilling rights, the KSO gives AGBK the rights to redevelop and restore these old fields to production.
AGBK's Director and CEO, Karsani Aulia said of the placement, "AGBK welcomes Continental as a new partner to the BK Block. We are confident our combined upstream operating experience and technical expertise will restore oil and gas production from the BK Block in the short term future. The block is known to produce a sweet 33o API gravity crude. This coupled with the highly prospective geological setting and the presence of never developed 1970's gas discoveries make the BK Block a very low drilling risk area. With the BK Block as our upstream platform we intend to pioneer and develop our shared vision with Continental of combining an upstream producing oil and gas property with a downstream small-scale refinery. This will reduce crude oil transport costs and enable us to efficiently supply much needed diesel and other motor fuels for plant gate sale to under supplied and growing local markets throughout the rapidly developing province of East Kalimantan."
The Company's CEO, Rich McAdoo stated, "In August 2016, the Indonesian government opened up the domestic crude oil refining and refined fuel distribution businesses to private sector companies allowing them to build, own and operate what the new regulation defines as "Small Scale Refineries" having a maximum capacity of 20,000 barrels per day. The government's intent with the new regulation is two-fold: 1) reduce crude oil transport costs from smaller, marginal, or declining fields and thereby incentivize the oil producers to increase production; and 2) provide much needed motor and marine fuels to the local regions surrounding the refinery and thereby reduce refined products imports and delivery costs. Continental's long history in operating upstream in Indonesia puts us in the ideal position to capitalize on this new downstream business opportunity. Our partnership with AGBK represents a first step for our Company in that direction. The long term offtake agreements with AGBK for any crude oil and natural gas we may find and produce will provide feedstocks for our initial small scale refinery."
On behalf of the Company,
Robert V. Rudman, CPA
Chief Financial Officer
di4
15 years ago
Bengara-II Block Seismic Contract Awarded
Jun 2, 2009 9:00:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesJAKARTA, Indonesia, June 2 /PRNewswire-FirstCall/ -- Continental Energy Corporation (OTC Bulletin Board: CPPXF) today announced that its 18% owned subsidiary Continental-GeoPetro (Bengara-II) Ltd. ("CGB2") has awarded a contract to a local seismic acquisition contractor to conduct a seismic acquisition program in the Bengara-II Block located on the island of Borneo in East Kalimantan, Indonesia.
CGB2 intends to acquire a total of 120 square kilometers of 3D seismic and 844 line kilometers of 2D seismic at an estimated acquisition cost of US$ 28,500,000. The primary objective of the 3D seismic program is to further define and delineate the Seberaba oil discovery and the Makapan gas/condensate discovery. CGB2 is eyeing a joint development of Makapan gas with Seberaba oil to achieve economies of scale and provide a gas source for fuel, pressure maintenance, and artificial lift of oil.
A large part of the 2D seismic program is also intended to provide additional definition of other exploration prospects in the Bengara-II Block to firm up new exploration drilling targets for the 2010 drilling program. These prospects include the Galiadap structure underneath the "oil lake" seep in the southern region of the block.
A large part of the seismic acquisition program shall be conducted in the logistically difficult and higher cost "transition zone" between a shallow marine offshore and onshore setting. The eastern portion of the Block is located mostly onshore but partially offshore in the shallow waters of the Sulawesi Sea and the Bulungan River delta.
An advance party has been mobilized to the site to make arrangements for necessary permits and prepare for the arrival of survey, line-cutting, and shot-hole drilling crews. CGB2 hopes to complete the entire acquisition program by end first quarter 2010 and commence appraisal and additional exploratory drilling in 2010.
On behalf of the Company,
Richard L. McAdoo
Chairman & CEO
About Continental Energy Corporation:
Continental Energy Corporation is a small oil and gas exploration company, focused entirely on making a major oil or gas discovery in Indonesia. For further information, please visit our web site at www.continentalenergy.com.
No securities regulatory authority has either approved or disapproved the contents of this news release.
Certain matters discussed within this press release may be forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act 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, political risk, terrorism, changes in local or national economic conditions and other risks detailed from time to time in Continental's periodic filings with the US Securities Exchange Commission.
SOURCE Continental Energy Corporation
----------------------------------------------
Chip Langston of Continental Energy Corporation
+1-214-800-5135
di4
15 years ago
Continental Energy Withdraws From ACG
May 26, 2009 10:00:00 AM
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View Additional ProfilesJAKARTA, Indonesia, May 26 /PRNewswire-FirstCall/ -- Continental Energy Corporation (OTC Bulletin Board: CPPXF) today announced that its Continental Energy (South Bengara-II) Pte. Ltd. subsidiary ("CESB2") has withdrawn from participation in its ACG joint venture.
In accordance with the provisions of an agreement with Adelphi Energy Limited ("Adelphi") and GeoPetro Resources (South Bengara-II) Pte. Ltd. ("GeoPetro"); both CESB2 and GeoPetro withdrew as shareholders from the group's joint venture company, ACG (South Bengara-II) Pte. Ltd.
Consequently, CESB2 has returned its entire 24.999% shareholding in ACG to Adelphi and has received repayment of a loan it had previously made to Adelphi.
The group's joint bid agreement which provided for the establishment of ACG and operations on the recently awarded South Bengara-II PSC, onshore Indonesia, has been terminated.
Continental President and COO, Andrew T. Eriksson, said of the withdrawal: "The current world oil price and financial situation increases the expected difficulty in farming out or otherwise raising exploration capital needed for the project. We view South Bengara-II Block as a high risk exploration property and combined with the substantial cash demands on needed exploration work we could not justify our continued participation in the project."
On behalf of the Company,
Richard L. McAdoo
Chairman & CEO
About Continental Energy Corporation:
Continental Energy Corporation is a small oil and gas exploration company, focused entirely on making a major oil or gas discovery in Indonesia. For further information, please visit our web site at www.continentalenergy.com.
No securities regulatory authority has either approved or disapproved the contents of this news release.
Certain matters discussed within this press release may be forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act 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, political risk, terrorism, changes in local or national economic conditions and other risks detailed from time to time in Continental's periodic filings with the US Securities Exchange Commission.
SOURCE Continental Energy Corporation
----------------------------------------------
Chip Langston
Continental Energy Corporation
+1-214-800-5135
di4
15 years ago
Continental Energy Names New President & COO
May 22, 2009 9:00:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesJAKARTA, Indonesia, May 22 /PRNewswire-FirstCall/ -- Continental Energy Corporation (OTC Bulletin Board: CPPXF) today announced that Andrew T. Eriksson has been named President and COO of the Company.
Mr. Eriksson has been employed by the Company in its Jakarta office since 2003 and will continue to act as the Company's exploration manager. He holds a B.S. degree in geology from San Francisco State University and a Master's degree from Oregon State University.
Mr. Eriksson replaces Richard L. McAdoo as President, although Mr. McAdoo will remain as Chairman and CEO. Mr. McAdoo, said of the appointment: "Drew has shouldered more and more of the management duties of the Company and his appointment as the President and COO is in recognition of his valuable service in this regard. He will play a lead role in identifying and developing new acquisition and growth opportunities in SE Asia."
On behalf of the Company,
Richard L. McAdoo
Chairman & CEO
About Continental Energy Corporation:
Continental Energy Corporation is a small oil and gas exploration company, focused entirely on making a major oil or gas discovery in Indonesia. For further information, please visit our web site at www.continentalenergy.com.
No securities regulatory authority has either approved or disapproved the contents of this news release.
Certain matters discussed within this press release may be forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act 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, political risk, terrorism, changes in local or national economic conditions and other risks detailed from time to time in Continental's periodic filings with the US Securities Exchange Commission.
SOURCE Continental Energy Corporation
----------------------------------------------
Chip Langston
+1-214-800-5135 for Continental Energy Corporation
MWM
16 years ago
Continental Energy Acquires Indonesian Production
DALLAS, Aug. 5 /PRNewswire-FirstCall/ -- Continental Energy Corporation (OTC:CPPXF) (BULLETIN BOARD: CPPXF) today announced that it has entered into an agreement to purchase a 30% working interest in the Tungkal Production Sharing Contract, located onshore in Sumatra, Indonesia.
Continental will pay total consideration of US$27,320,000. The deal is effective as of June 1, 2008 and will close subject to and after receipt of a waiver or expiry of a right of first offer, an Alberta court order approving the disposition by Ernst & Young as Receiver of Fuel-X International Ltd., and approval of the assignment of PSC interest by Indonesian authorities.
Continental paid a cash deposit of $1,500,000 on signature of the definitive sales and purchase agreement. At closing Continental shall pay an additional $13,500,000 cash, adjusted for production income since June 1, 2008, plus issue 12,320,000 newly created Series-A preferred shares each having face value $1.00.
The Series-A preferred shares are unlisted, restricted, non-voting, and do not bear interest. On the first trading day after the first anniversary of issue, the Series-A preferred shares will automatically be converted into Continental common shares at a conversion rate of the lesser of $1.00 or the weighted average trading price of Continental's common shares for the 30 calendar days prior to conversion.
Funding of the cash due at closing shall be led by Macquarie Bank Energy Group of London under its August 2007 financing mandate with Continental.
The Tungkal PSC encompasses an area of 2,285 square kilometers (approximately 565,500 acres) held by production until August 25, 2022. It is operated by Pearl Oil (Tungkal) Ltd., a subsidiary of Pearl Energy Ltd., an Abu Dhabi owned company, who holds the remaining 70% working interest.
The Tungkal PSC currently produces on average at a rate of about 1,000 BOPD from the Mengoepeh Field. The field was placed on production in December 2004 and a southern extension of the field was discovered in 2007. Pursuant to a plan of development filed with Indonesian authorities in early 2008, the operator plans to drill 16 new development wells on the southern extension, starting in last quarter 2008, with the objective of completing it by early 2010 and increasing production to 4,500 BOPD.
Continental's Exploration Manager, Andrew T. Eriksson, said of the deal: "We recognize the significant exploration upside in the Tungkal Block. Two prospects in particular will most likely be drilled at the close of the 16 well development drilling program. The availability of 3D seismic coverage over the Mengoepeh Field itself also bodes well for additional extensions of the field."
Continental's President & CEO, Richard L. McAdoo, said: "Our new year's resolution was to acquire two new properties before the end of 2008, one giving us oil and gas production income and one giving us a high potential exploration property. The Tungkal acquisition gives us the realization of the first half of that goal and we have negotiations in the works that should realize the second half on schedule."
On behalf of the Company, Richard L. McAdoo, President & CEO
About Continental Energy Corporation:
Continental Energy Corporation is a small oil and gas exploration company, focused entirely on making a major oil or gas discovery in Indonesia. For further information, please visit our web site at http://www.continentalenergy.com/ .
jimmy$teel
16 years ago
March 19, 2008 - 11:20 AM EDT
Continental Energy Names New Chief Geophysicist
DALLAS, March 19 /PRNewswire-FirstCall/ -- Continental Energy Corporation (OTC Bulletin Board: CPPXF) today announced today that it has named Robert J. Paul to the post of Chief Geophysicist for the company.
Robert has 28 years of experience in oil and gas exploration, the last 17 in Indonesia. He has worked in various geophysical exploration capacities with Lundin Oil and Gas, Santa Fe Energy Resources, Petromer Trend, Halliburton, Esso Australia, and BP Canada.
He obtained a Bachelors degree in Geophysics from the University of Alberta (Canada) and a Masters Degree in Geophysics from University of Queensland (Australia).
Robert will be based in Continental's Jakarta office where he will be the lead geophysicist and part of a technical team dedicated to identifying, evaluating, and acquiring new oil and gas properties. Continental's new ventures team is currently evaluating new opportunities in Indonesia and the surrounding region.
Robert's duties will also include evaluation of new block acquisitions in Indonesia within a defined area of mutual interest covered by Continental's CGX joint venture group. He will also advise Continental on 3D seismic acquisition planned for the Bengara-II Block.
Continental's Exploration Manager, Drew Eriksson, said of the hiring from Jakarta: 'With current oil prices the oil and gas exploration and production business is booming worldwide and competition is heating up for talent and for properties. Robert is a welcome addition to the Continental team. He brings a vast amount of relevant and recent experience that greatly expands our knowledge of SE Asian regional oil and gas opportunities. He gives us additional capability to quickly prioritize and evaluate the many opportunities out there right now. He will be a real asset and a key player in the future development of the company.'
About Continental Energy Corporation:
Continental Energy Corporation is a small oil and gas exploration company, focused entirely on making a major oil or gas discovery in Indonesia. For further information, please visit our web site at www.continentalenergy.com
jimmy$teel
16 years ago
Monday, March 17, 2008 2:14
Work begins on C. Java power plant
, The Jakarta Post , Jakarta | Fri, 09/21/2007 3:02 PM | Business
Ika Krismantari, The Jakarta Post, Jakarta
State power utility PLN officially kicked off the construction of the Rembang coal-fired power plant in Central Java, one of the schemes under the company's crash program to provide an additional power supply of 10,000 megawatts by the end of 2009.
The Rembang plant, which is the third project to commence under the crash program, will have a capacity of 630 megawatts, and cost some US$726 million, PLN said in a statement.
Unlike the other power projects, which will be constructed by Chinese manufacturing companies; the Rembang power plant will be built by a consortium made up of local company PT Primanaya Djan International and two Malaysian firms, Zelan Holdings and Tronoh Consolidated Malaysia.
The plant will have two generator units, each with a capacity of 315 megawatts. The construction of the first unit is scheduled for completion in September 2009, with the second unit due for completion three months afterwards.
PLN spokesman Sutisna Prawira said that the new power plant would require 1.9 million tons of low-rank coal per year to fire its generators.
To secure the coal supply, Sutisna said that PLN had signed long-term contracts with coal companies for the delivery of 15.2 million tons of coal per year to fuel its new power plants starting 2010.
He also said the company would save up to Rp 4 trillion ($430 million) per year from the operation of the Rembang power plant as it would cut the company's diesel consumption
PLN's power generation director, Ali Herman Ibrahim, said earlier that the company expected to reduce the use of oil-based fuels by 22 percent to 7 million kiloliters (kl) this year from an initial estimate of 9 million kl thanks to the coming onstream of a number of new coal-fired power plants.
Meanwhile, the government and the House of Representatives agreed Wednesday evening to increase next year's subvention to PLN to Rp 29.7 trillion from the Rp 27.8 trillion proposed in the 2008 draft budget.
However, both figures are lower compared than this year's allocation of Rp 32.4 trillion.
In another meeting, the government and House agreed that, starting September, PLN would purchase oil-based fuels from state-owned oil and gas firm Pertamina based on a margin at 5 percent -- lower than the current 9.5 percent, and the 13.5 percent margin Pertamina earned in 2006.
The deputy chairman of the House budget commission, Suharso Monoarfo, said as quoted by Detikfinance that the decision was aimed at improving PLN's efficiency.
jimmy$teel
16 years ago
CPPXF.OB News
December 13, 2007 - 10:00 AM EST
Continental Energy Plans 3D Seismic to Further Appraise Bengara-II
DALLAS, Dec. 13 /PRNewswire-FirstCall/ -- Continental Energy Corporation (OTC Bulletin Board: CPPXF) today advised of plans to conduct a large onshore 3D seismic survey to evaluate recent oil finds by its 18% owned Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. ('CGB2') in the Bengara-II block East Kalimantan, Indonesia.
The recent completion of the drilling of 4 wells in the Bengara-II Block comes at the recently ended initial 10-year exploration period of the PSC on December 4, 2007 and thereby satisfies the entire work program and expenditure obligations of CGB2 under its Bengara-II production sharing contract (PSC).
The technical information provided by drilling and testing results to date confirms the presence of an oil accumulation. However the data is not yet adequate to conclusively demonstrate the extent of the oil accumulation or that it has sufficient size of oil reserves to economically justify a full commercial development. Further technical information is required prior to commencing development.
CGB2 has prepared a preliminary plan of development for the Seberaba discovery based upon drilling and testing results from the Seberaba-1 and 4 wells. Testing of the Punga-1 well and further testing on the Seberaba-3 well is still in progress and is expected to be completed in early 2008. In addition to these well test results, CGB2 feels additional technical information is needed prior to finalizing the formal plan of development and submitting it for approval to Indonesian oil and gas authorities. Approval of the formal plan of development will automatically invoke the final 20-year production period of the Bengara-II PSC through December 4, 2027.
CGB2 has submitted the preliminary plan to the Indonesian authorities together with a request for additional time of up to three years to implement the plan and thereby obtain the additional data needed to further appraise and prove up the Seberaba discovery prior to completing and submitting the formal plan of development. The centerpiece of the preliminary plan is the acquisition of a 3D seismic survey over a 400 square kilometer area of the Bengara-II block completely covering the Seberaba-Punga structure and also covering the adjacent prospective areas. CGB2 feels the 3D seismic survey is needed to more accurately delineate the extent of the field and to confirm CGB2's initial opinion that there are sufficient oil reserves to justify a commercial development.
The 3D seismic survey will also aid in development planning and enable more precise well placement to maximize ultimate oil recovery. The 3D seismic is planned to commence in 2008 soon after its approval and is expected to take approximately 18 to 24 months to prepare, shoot, process, and interpret at an estimated cost of about $ 12,000,000.
About Continental Energy Corporation:
Continental Energy Corporation is a small oil and gas exploration company, focused entirely on making a major oil or gas discovery in Indonesia. For further information, please visit our web site at www.continentalenergy.com.
No securities regulatory authority has either approved or disapproved the contents of this news release.
Certain matters discussed within this press release may be forward- looking statements within the meaning of the 'Safe Harbor' provisions of the Private Securities Litigation Reform Act 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, political risk, terrorism, changes in local or national economic conditions and other risks detailed from time to time in Continental's periodic filings with the US Securities Exchange Commission.
For more information please contact Jim Eger at 877-762-2366, Suite 1200, 14001 Dallas Parkway, Dallas, Texas, 75240
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