DALLAS, Nov. 29, 2006 (PRIME NEWSWIRE) -- Continental Energy Corporation (OTCBB:CPPXF) today announced that its 18% owned Indonesian subsidiary Continental-GeoPetro (Bengara-II) Ltd. ("CGB2") has called for tenders to provide turn-key, integrated drilling services to drill the first of four planned exploration wells on the Bengara-II PSC, onshore East Kalimantan, Indonesia.
Bid submission closes on the 18th of December and CGB2 expects to award the drilling contract shortly thereafter.
The first well of the 2006-07 drilling program will be the Seberaba-1 exploration well which is programmed to be drilled to a total depth of 4,200 meters (13,780 feet). The Seberaba-1 is the deepest of the four planned wells and is located to test four different oil-prospective stratigraphic levels on a large fault closed structure which Continental has mapped using seismic data.
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 U.S. Securities Exchange Commission.