DALLAS, April 1, 2004, (PRIMEZONE) -- Continental Energy Corporation (OTCBB:CPPXF) announced today that an interview conducted with its President & CEO, Richard L. McAdoo, is currently available on www.Ceocast.com , a financial website accessed daily by more than 600,000 investors. Listeners can hear the interview by clicking on the Continental Energy listing on the home page, and then accessing the program via Windows Media or Real Audio formats.
During the interview, conducted by senior analyst Michael Wachs, and including a streaming slide presentation of topics covered, McAdoo discusses the uniqueness of the Indonesian market on which Continental is focused, the company's opportunities there, and plans for development of its three major blocks totaling more than 3.5 million acres. The properties include the Bangkudulis Block, the Bengara-II Block and the Yapen Block.
As the CEO notes, for more than 100 years, energy companies -- especially emerging ones such as Continental Energy -- have found Indonesia to be a very opportune place for growth. He cited today's Royal Dutch Shell as a key example of a very large company today whose early stage development efforts can be traced back to one of its predecessor companies in Indonesia. He also cited the strong cooperation offered by the government there. McAdoo said as much as 70% of the country's gross national product today is related to oil and gas exports, and represents a major share of its overall export income.
He characterized the Bangkudulis field as low risk, especially given that it already has proven reserves of oil. The Bengara-II Block, McAdoo continued, encompasses a very large exploration area with essentially intermediate risk. The Yapen Block, he said, is a 2.4 million acre offshore concession that is a high-risk exploration area, but one with the potential for very large natural gas accumulations.
Noting that the company already has a good amount of infrastructure in-country, and that he himself has lived in Jakarta, Indonesia's capital, for the past 20 years, McAdoo said the company's immediate goals over the next several months are to obtain financing to work over the existing oil well and drill three additional ones on the Bangkudulis Block, to establish cash flow from the Bangkudulis Field, and to obtain additional financing to proceed with exploring the Bengara-II Block.
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. There it has successfully acquired production sharing contracts granting exclusive petroleum exploration and production rights to two high potential exploration concession areas, the Bengara-II and Yapen Blocks, totaling more than 3.5 million acres; and a third concession for the development of the Bangkudulis Oil Field. Continental concentrates its efforts in Indonesia, one of the few places in the world where large tracts of highly prospective acreage can be accumulated. Indonesia has a long and successful history of oil and gas exploration and geological conditions are proven to be excellent for petroleum accumulation. Management has long experience in-country, and solid relationships with both industry and government at all levels. A strong and growing domestic demand for both crude oil and natural gas provides expanding and nearby markets for any production Continental establishes. For further information, see http://www.continentalenergy.com.
Safe Harbor Statement:
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.