CNPC has placed the entire US$18,700,000 earning obligation into a CGB2 account jointly controlled by CNPC and Continental. The funds are to be used exclusively to pay for 2006 and 2007 exploration drilling in the 3,649 square kilometer Bengara-II Production Sharing Contract ("PSC") area in East Kalimantan, Indonesia.
CGB2 has four exploration wells planned, permitted and approved by Indonesian oil and gas regulatory authorities for drilling in 2006 and 2007. The company is now finalizing plans for conducting the drilling program and preparations are being made to import a drilling rig from China to conduct the drilling.
Continental Energy Corporation is an independent oil and gas exploration company focused entirely on making a major oil or gas discovery in Indonesia.
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