Loon Awarded Contract Area in Brunei

A consortium led by Loon Energy and QAF Brunei Sdn Bhd, has been awarded Block L which covers 2,253 square kilometers (880 square miles) by Brunei National Petroleum Company Sendirian Berhad ("PetroleumBRUNEI") in Brunei Darussalam. The Block is located mostly onshore but partly offshore on the northeastern part of Brunei.. The award is subject to the finalization of a Production Sharing Contract between Loon et al and PetroleumBRUNEI.

Loon commenced its initial evaluation of the potential of Block L during the middle of 2005 and submitted its proposal on January 3, 2006.

Brunei Darussalam is located in south-east Asia on the northern coast of the island of Borneo. It occupies a total area of 5,770 square kilometers of which 5,270 square kilometers is land.